Lack of clarity from European policymakers is holding markets back

Whether Eurozone authorities choose to boot Greece out of the treehouse or carry on picking up the tab every time they head towards default, they need to make a decision and stick to it says David Buik, senior market commentator for Panmure Gordon.

European Central Bank talks continue today as they continue to try to thrash out a deal to rescue Greece (again). Speaking after a fruitless meeting of Eurozone finance ministers yesterday, Eurogroup president Jeroen Dijsselbloem said that this is Greece’s “last opportunity” to come to an agreement with creditors, and that ”the ball is clearly in the Greek court”.

“It is still possible to find an agreement and extend the current programme before the end of the month, but the ball is clearly in the Greek court to seize that last opportunity” said Dijsselbloem yesterday.

The comments follow a warning from Christine Lagarde, head of the IMF that there is “no period of grace” for Greece to meet its obligations.

Speaking on TipTV, David Buik said that while we are seeing strong macroeconomic data in the UK, markets are being held back by European uncertainty and that the sooner Greece goes, the sooner Europe can get its house in order.

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