Eurogroup result creates climate of uncertainty in Greek market, says head of trade body

The Greek market is in a climate of uncertainty after the impasse that resulted from the Eurogroup meeting on Monday, the head of the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) said on Tuesday.

“The Eurogroup meeting on May 22, it not only failed to reach a minimum of understanding between the country’s lenders on the debt but, to everyone’s disappointment, didn’t even close the second program review or [achieve] the disbursement of the loan installment,” Vasilis Korkidis said in a press release.

He said the Greek government went to the meeting having completed the majority of the prior actions demanded by the institutions only last week, hoped to achieve a political agreement on the debt and a comprehensive agreement for the review and the installment.

“Unfortunately, the meeting ended in a deadlock and all the issues were left open for the next Eurogorup on June 15, that is shortly before the huge loan obligations of July, perpetuating the anxiety and creating uncertainty in the Greek market,” he continued.

“Another Eurogroup ended, the agreement didn’t come, but the [austerity] measures remained…” he added.