The monthly Eurogroup meeting, which normally consists of a fairly routine discussion by the Finance Ministers of the Euro area member states, and which gets underway later today at 11:00 GMT, is normally an affair that gets little if any attention from the Forex markets. That is because, in the normal course of events, any market moving measures will have already been announced and publicly elaborated on by the European Central Bank President during and immediately after his monetary policy statement of some weeks earlier.
This Eurogroup meeting is likely to be different, however. It is the first formal occasion on which Greece will gave an opportunity to present its government debt-dealing proposals to the other member states and to the ECB itself. Let us hope they are, at this stage, somewhat well thought out.
There is likely to be some market turbulence around the Euro when the details of what has taken place become known to market participants.
All parties in this drama are on record as saying that they do not want to jeopardise the Euro currency project, and an implied threat to take action that might have this result seems to be the only real card that the Greeks have in their hand. It will be interesting to see how they play it, and what the reaction of the other performers at this high-stakes poker table will be.
Enter “Die Hard” Varoufakis
According to a Reuters report, the Greek Finance Minister, Yanis Varoufakis, has hit something of a chord with certain sections of the German media. One TV newscaster was greatly taken by his virility:
"Varoufakis is without doubt a man full of charisma," ZDF anchor Marietta Slomka said on air. "Visually, he's someone you could imagine starring in a film like 'Die Hard 6' - he's an interesting character."
Stern magazine carried a piece extolling his “classical masculinity”.
One cannot help wondering exactly how much ice all this will cut with the Wolfgang Schaeubles (above) of the Eurozone.