In Europe, contracts on the Euro Stoxx 50 rising by 0.804 per cent., The FTSE 100 – lookup of 0.466 per cent., CAC 40 futures go up by 0.0684 percent ., and on the DAX – increase by 0.632 percent.
Contracts rise on Wednesday, while investors are waiting signs that a compromise between Greece and its creditors.
On Wednesday, the Eurogroup will discuss new proposals to Athens they send that day. The institutions will consider a request from Greece for a new program until after the referendum. Also on Wednesday, European Central Bank shall review the limit of funds for Greece under the contingency funding (ELA) for the Greek banking sector.
spokesman for the International Monetary Fund (IMF) has confirmed in the night from Tuesday to Wednesday that Greece has failed to repay the loan installment due this institution and became the first industrialized country which is in arrears with payments to the Fund. Thus, the missing installment of 1.5 billion euros has become the largest unpaid amount to the IMF since the inception of this institution.
Earlier, the Greek government asked the IMF for a postponement until November.
After the failure Greece weekend negotiations with lenders expired on Tuesday, the second international bailout program for Greece.
Without access to funds with such institutions as the IMF, EU and European Central Bank (ECB), which since 2010. flowed to Athens, Greece may rely on emergency funding from the ECB for its banks.
Since 2010. Greece through two programs of assistance received from the EU and IMF nearly 240 billion euros. With these measures, the country could pay off their debt, but because of reforms imposed by the creditors introduced a number of savings and cuts that citizens felt the painful effects.
On Friday, Greece rejected the final proposal of the agreement with international lenders, which would unlock the last installment of the aid scheme in the amount of 7.2 billion euros. Prime Minister Alexis Cipras announced on 5 July referendum on the conditions for support, asking at the same time an extension of the current program. On Saturday, the Eurogroup rejected the request.
Also on Tuesday during the evening teleconference of euro zone finance ministers did not agree the extension of the aid program nor to reduce Greek debt.
During Wednesday’s session, investors will know the PMI reading for June in the industry of France (9.50), Germany (9.55), the euro area (h. 10.00) and Great Britain (10.30).
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