No Agreement for Greece After European Commission Meeting 12th February 2015

Feb. 12, 2015 - PRLog -- Hexagon Capital Management is a privately held wealth management company that manages hundreds of client assets in a wide range of products and services with a non biased, client orientated program that is tailored to each individual or corporate requirement.

No Agreement for Greece After European Commission Meeting 12th February 2015

Yesterday was the first time all 18 European Commission Finance Ministers met since the new far left Greek government took control and looked to renegotiate their bailout exit.

The Brussels meeting which lasted over 7 hours was not very successful.

Ultimately the meeting came to no resolution and no joint statement was made at the end. All that was confirmed was that a further meeting had been scheduled for Monday the 16th February.

Whilst the EC had previously offered an extension of 6mths to the Greek's their Prime Minister, Mr.  Tspiras continued his staunch opposition to the exit stating that they would not be taking the extension or the last payment due on the 28th of this month.

The very fact that we are just a couple of weeks away from the exit date and that there has been hardly no progress in how to deal with negotiations let alone the actual debt it is more than likely the date will be missed and this will probably make the Greek's resolve even stronger.

The European Union meets later today and although this is not a topic on the agenda it will no doubt be in the minds of the civil servants in attendance.

We will have to wait until next week to see whether any progress can be made and whether the European Central Bank, International Monetary Fund and European Union will look to change their policy to enable Greece to do as she wishes. Both Christine Lagarde and Mario Draghi were in attendance yesterday as a sign that the issue is being taken as seriously as it should be.

Greece needs to buy itself time, yet it is not interested in dealing with the austerity it was placed under. Everyone can understand and appreciate the position the people of Greece are facing, the issue is whether the Eurozone is strong enough to allow one of its members to effectively default with no repercussions.

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