Optimal Financial Management - Europe is Starting to Look Positive - 23rd February 2015

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Optimal Financial Management  - Europe is Starting to Look Positive - 23rd February 2015

European markets are expected to start the week in positive territory as a deal between the European Union finance ministers and Greece looks likely to be struck later today.

On Friday the 2 parties met in Brussels and managed to tentatively agree to a 4 month extension to their bailout exit. The Greek Finance Minister is due to provide the EU ministers with a list of reforms the government will implement in its efforts to stick to the bailout terms.

Greece is expected to target tax evasion and look to streamline its civil services in attempt to claw back some funds. In targeting tax evasion the Greek believe they could be looking at as much as €7.3bn.

The Greek PM, Tspiras expressed he content at the agreement, advising the population that Greece had won the battle, but not the war. This may come to haunt him as the government must provide the reforms it will put in place later today for the extension to be rubber sealed on Tuesday. If the Greeks do not provide enough substance the extension will not be granted and the ramifications for such a situation could see Greece having no option but to default and leave the EU despite their newly elected government looking to do everything it can to avoid this outcome.

While Greece fights for its life, Business activity in the Eurozone has picked up the most in 7 months. The increase in the activity has seen higher levels of employment in the Eurozone as companies rush to keep up. The latest Markit PMI data showed a PMI of 53.5, up from 52.6. Any number above 50 is seen as an expansion.

If the EU and Greece can agree a suitable extension and look to implement reforms which satisfy all parties, Europe could then look set to start its recovery and fully benefit from the QE put in place by the European Central Bank last month.

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