“A quiet summer ahead” is predicted by BofA for Greece, since the review is going to be concluded before the ECB bond is due up in July, and the second semester of 2016 will fare much better. The reinstatement of ECB΄s waiver for greek bonds, coupled with the gradual lifting of capital controls, the deal on the debt and the path to QE inclusion are key. However, QE in an of itself is not such a big gift, the bank warns, despite the market΄s obsession with it.
As BofA analyst Thanos Vamvakidis says “there are still a lot of uncertainties and the deal struck constitute more kicking the can down the road on behalf of the Europeans – which has been standard procedure for years. There is still room for more pressure in the short term and before the program is concluded in 2018. What the deal guarantees is Greece will remain out of the headlines this summer, as well as a liquidity injection and QE inclusion.”
Source:capital.gr
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