Greek Leaders Under Pressure From Eurozone Ministers in Latvia

abbaEurozone finance ministers in Riga, Latvia criticized Greece for failing to make enough progress to reach a new bailout deal, two months into Greece’s 4 month loan extension that is aimed at helping Greece to avoid defaulting on their debts.

Greece has until the end of June to receive a new bailout deal with its international creditors that is all contingent on Athens submitting a list of approved reform measures.

At the Riga meeting Eurozone ministers blasted Greek Finance Minister Yanis Varoufakis for not doing enough to move Greece closer to a new bailout package.

The chairman of the Eurozone ministers, Jeroen Djsselbloem, told reporters after the meeting that it was a “highly critical meeting” given that Greece has still not agreed to a list of reforms and there are “wide differences to bridge on substance” as patience runs short with Greece’s far left anti-austerity party Syriza.

Bloomberg reports that Varoufakis was called a time-waster, a gambler, and an amateur.

Varoufakis insisted that a deal will be reached in time that keeps Greece from defaulting on their loans.

Durable Orders

U.S. equities are mostly flat on Friday following news from the Department of Commerce that shows durable orders for March increased 4 percent after declining -1.4 percent in February. The largest boost came from a growing demand in commercial aircraft. Excluding transportation, new orders decreased -0.2 percent.

Non-defense new orders for capital goods in March increased 3.5 percent but shipments decreased -0.4 percent and unfilled orders increased 0.1 percent.

Johnathan Schweitzer

 

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