Crude oil and gold prices appear vulnerable as all eyes turn to Eurozone finance ministers as markets continue to wait for a deal on Greek bailout funding.
- Crude Oil, Copper May Fall on Risk Aversion as S&P 500 Futures Point Lower
- Gold and Silver to Decline if Haven Demand Sparks a Recovery in the US Dollar
- All Eyes on Eurozone FinMin Summit as Greece Funding Deal Remains in Focus
All eyes are on the third meeting of Eurozone finance ministers this month aimed at working out a deal on Greece that will open the door for disbursement of the latest tranche of aid of €31 billion. The sticking point now appears to be the €10 billion cost of extending Athens' deficit-reduction deadline by two years. Possible options include reducing interest rates Greece will pay on bailout loans, raising the deficit target to 124 percent of GDP by 2020 (from the current 120 percent objective), asking the ECB to contribute funds its earned on Greek bond purchases, and/or arranging a debt buyback financed with rescue cash.
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