Focus of the day:
"The Greek government and European authorities are far from any potential agreement, with still very different positions, although we have seen some steps in the right direction. This has raised concerns that either the Greek government Will not have the cash or the Greek banks Will not have the liquidity to allow time for a compromise. In our view, banks should not be an issue, absent a major bank run. Emergency Liquidity Assistance (ELA) should remain open and sufficient.
The government may be able to get through the IMF payments in March, but by our estimates, it would have difficulties after May. What this means, as we have said before, is we are in for a long period of discussions, headlines, and volatility. We still hold the view that in the end, reason will prevail."
