Despite temporary reprieve, only a comprehensive agreement will yield lasting solution for Eurozone, says KPMG

Despite temporary reprieve, only a comprehensive

Further negotiations will be due over the next few months to arrive at a more permanent agreement, to allow Greece to receive the medium term funding that it needs.

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Yael Selfin, Head of Macroeconomics at KPMG comments on the high drama, and last minute agreement between the Eurogroup and the Greek government to extend the current loan and bailout programme:

“We are a long way away from a final resolution to the Greek crisis.  Further negotiations will be due over the next few months to arrive at a more permanent agreement, to allow Greece to receive the medium term funding that it needs.  What is in doubt is if the opposing views of the German and Greek governments can be bridged in order to reach a longer lasting solution.

“At the heart of the matter is the need of the Greek economy to breathe and grow, while Germany is seriously concerned about the precedent any concessions will have for other Eurozone members. Current uncertainties are already hurting the Greek economy, with significant damage likely to be inflicted on its highly  vulnerable banks.”

-ENDS-

 

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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