News yesterday was heavily geared around the Eurozone, with a gathering between Greece and its Eurozone creditors that ended up in disarray, increasing the concerns that the country is potentially edging closer to detaching it self from The Euro.
Although the gathering was meant to bring both parties together, the breakdown of discussions in Brussels over the Greek bailout programme appeared to leave both sides further apart, however there is the possibility of a last minute summit on Friday between the Eurozone finance ministers.
The Greek Finance Minister Yanis has stated the terms of the Eurozones demands are unacceptable, however, the Greek delegation was told that talks would recommence only if the country was willing to extend its bailout package. However a bailout carries a long list of austerity measures that Greece is reluctant to adhere to.
Yanis Varoufakis made it clear in the discussions that Greece would not accept prolonging the bail out for six months unless the other 18 members of the Eurozone agreed to break down the austerity conditions attached to the deal. Analysts warned that the risks of Greece leaving the euro were increasing, and that the crisis could be triggered if the European Central Bank decided that the lack of progress required it to terminate financial aid.
We also had trade balance figures released yesterday from the Eurozone which showed a positive reading for December coming in at 24.3bn from 21.2bn when it was expected to come in lower at 20bn.
GBP - 09:30 : UK CPI YOY (Jan) expected to fall to 0.3% from 0.5%
EUR - 10:00 : European Economic Sentiment (Feb) is expected to rise 51.3 from 45.2#
EUR - 10:00 : German Economic Sentiment (Feb) which is expected to rise to 55.0 from 48.4
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