Dark clouds pour down rain over Brussels, and the hopes for a Greek resolution that seemed much brighter earlier in the day seem to be diminishing now.
Various finance ministers entering the Eurogroup meeting have lowered expectations, saying there was a confusion over Greek proposals.
Some of them are talking about another meeting on Thursday. The German, Irish and Finnish finance ministers have all lowered expectations, saying that they haven’t been able to come prepared to the meeting.
More specifically, Irish FM Noonan said he expects another Eurogroup meeting later this week. Spanish FM says he comes with “open ears†but low expectations.
According to some reports, Greece sent too many confusing versions of its proposals. Another report says that they have mistakenly sent the wrong ones.
This comes in contrast to quite a few optimistic headlines coming over the weekend, and these included specific details in changes to VAT, pensions, retirement and more. So, where are all these details?
EUR/USD is around 1.1340, closer to the lower end of the range. The cold water coming from Brussels has a bigger effect on stock prices, which came down from the highs.
This is how it looks on the chart:
