What a difference a few hours can make in the world of finance. Greece and the Eurozone group have just reached a debt resolution agreement while Chinese’s GPD received better than expected grades.
After the European Conference Emergency meeting last night in Brussels, Prime Minister Tsipras was told outright, “Take our offer or get out.” The last ditch effort to save Greece from financial chaos boiled down to a simple solution: Europe takes over control of Athens’s financial agenda or it’s Grexit for the next five years.
Before issuing the final decree, the Eurogroup discussed a number of proposals on how to help the Greek government emerge from its quagmire. "We have come a long way, but a couple of big issues are still open, so we are going to put those to the leaders to decide", said Eurogroup President Jeroen Dijsselbloem after the meeting.
After 17 hours of negotiations, the two sides have come together and a deal has been made. Tsipras has agreed to a list of austerity proposals that will pull his country back into some sort of safe zone.
Exact details of the deal have not yet been posted.
China’s Numbers Up
Meanwhile, breaking a four month low, China’s exports rose for the first time in June, a clear indication that the country’s GDP is on the mend.
Exports rose 2.8 percent in June from a year earlier, beating most analyst expectations. Imports slipped 6.1 percent during the same period, following a 17.6 plunge percent during the previous month but coming in above expectations for a 15.0 percent decline.