HSBC sees signs for completion of 2nd review this month; no QE inclusion at least until summer

1 February 2017
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HSBC refers to positive signs at the recent Jan. 27 Eurogroup that Athens could conclude a now delayed second review of the Greek program at the coming Eurogroup meeting on Feb. 20, under the headline “Greek bailout negotiations”.

Nevertheless, the international banking group doesn’t foresee the re-inclusion of Greek bonds in the European Central Bank’s (ECB) quantitative easing (QE) program, at least until the summer of 2017.

As with practically every statement by European and Greek leaders over the recent period, HSBC echoes the line that a conclusion of the second review will benefit all sides involved, while allowing for an agreement before Feb. 20, a date that comes ahead of all election periods in Europe this year.

Conversely, HSBC said uncertainty over the IMF’s role in the third bailout program remains.

The bank’s analysts estimated that a commitment by the Fund for its future participation in the Greek program will be enough to allow the Eurogroup to approve the scheduled bailout loan tranches to the Greek side.

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