Greece deal shocked DNB’s chief economist – HegnarOnline

– Euro Summit have reached a unanimous agreement. Everyone is ready to go for a program of Greece, wrote EU president Donald Tusk on Twitter Monday morning.

tweet took chief economist Øystein Dørum DNB Markets properly on the bed.

– Having negotiated the whole weekend and night through to today, it was in the morning hours, seemingly quite obvious that the parties were very far apart, he writes in an update Monday.

Dørum shows that creditors would have speedy ratification, 50 billion euros invested in mutual funds as security and IMF on the team – suggestions that Greece rejected.

– why it came as a full blown shock when EU a few minutes before 09:00 today announced an agreement with Greece and tillyste press conference, he said.

Tough reforms
The contents of the agreement were not immediately clear but the Greeks are expected to go with the more harsh reform requirements.

Probably the government, with Prime Minister Alexis Tsipras in the lead, adopting the first reforms on including tax and pension already Wednesday.

The same Tsipras admitted to Reuters that the agreement is difficult, but that it keeps Greece in the eurozone.

– We avoided wishes to move government assets abroad. We avoided the economic strangulation and bank collapse, he said.

According Tsipras will burdens of the agreement be distributed based on social justice.

– Those who are not paid during the crisis, will pay this time, he adds faced news agency.

– Much work remains
The agreement is nevertheless in line with DNB chief economist Dorum expectations.

The time ahead is that the Greek parliament will ratify the agreement Tuesday or Wednesday. Euro Group shall meet, in addition to the other parliaments must approve the deal.

– It therefore remains a lot of work before this goal continues Dørum.

In light of this, the European Central Bank (ECB) according to chief economist certainly set up with the necessary liquidity the Greek banking sector.

– In addition, a soon to discuss a temporary emergency loan to deal with the imminent debt maturities, including the 3.5 billion euro in due to the ECB on 20 July, concludes Dørum.