EUR
Greece and its international creditors sought to put the final touches to a
multi-billion euro bailout on Monday to keep the country  afloat and meet
an important debt repayment to the European Central Bank which is due within
days.

Germany set out strict conditions for further aid and said it would be sensible
to link the size of the first tranche of the bailout to Greece’s progress in
carrying out reforms.  Greece is hoping to wrap up the deal for 86 billion

EUR
Greece and its international creditors sought to put the final touches to a
multi-billion euro bailout on Monday to keep the country  afloat and meet
an important debt repayment to the European Central Bank which is due within
days.

Germany set out strict conditions for further aid and said it would be sensible
to link the size of the first tranche of the bailout to Greece’s progress in
carrying out reforms.  Greece is hoping to wrap up the deal for 86 billion
euros in new loans by Tuesday so it can get approval for aid to flow by Aug.
20th when a debt repayment to the ECB is due. 

USD
Atlanta Fed President Dennis Lockhart said yesterday economic conditions in the
United States have largely returned to normal and a Federal Reserve decision to
raise interest rates should come soon. He said the U.S. economy had
cleared several major hurdles that worried him earlier in the year stating that
risks from abroad, whether a Greek exit from the euro zone or a meltdown in
China have been reduced. Also job growth has left the U.S. economy just a shade
from full employment.

Fed Vice Chairman Stanley Fischer echoed Lockhart’s comments yesterday, also
stating the U.S. economy had nearly reached full employment and added that
rates would not stay this low forever. Four of the current 10 voting
members of the Fed policy committee have publicly put September in play for a
rate rise – Lockhart, Fed Governor Jerome Powell, San Francisco Fed President
John Williams and Richmond Fed President Jeffrey Lacker. 

 

Key
Announcements:

10:00 – EUR – ZEW German economic sentiment expected to rise to 32
from 29.7