Greek Reforms Package to Be Discussed in Brussels Tonight

According to recent media reports, Greek government representatives have taken to Brussels to meet with the main creditors of the country and discuss a proposed list of reforms prepared by the crisis response team of the Finance Minister Yannis Varoufakis.

Unnamed officials cited by several newswires have stated that Greece might run out of money as soon as April 8th. The country is due for a repayment of its International Monetary Fund (IMF) loan on April the 9th. Greece has to find €450 million to pay the tranche.

Meanwhile, the President of the Supervisory Council at the European Central Bank (ECB), Danièle Nouy, commented that the Greek banks remained solvent despite the distressful economic environment in the country.

According to sources inside the Greek government’s administration, Greece is proposing to raise €3 billion in 2015 in the reforms package.

In previous talks, Greek government officials were reluctant to announce public salaries and pensions cuts, which creditors have been insisting upon. Instead of these, the expectations of some analysts are that Greece will commit to increase its revenue sources by including tax debtors payment plans and possibly some privatizations.

Meanwhile, the day has been turbulent for the Greek government with unofficial reports about the country's Finance Minister Yanis Varoufakis' resignation being rebuked by himself on his Twitter account.

Every time the negotiations heat up, some new rumour of my resignation, demise etc. springs up. Somewhat amusing... — Yanis Varoufakis (@yanisvaroufakis) March 27, 2015

Increased uncertainty and lack of confidence in the reform commitments of the Greek government could spark sharp Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term by the end of the trading session, or in early Monday trading in Asia. The news about Greece is being closely followed by market participants traders and brokers alike as Asian Monday morning gaps could result in negative balances for overleveraged clients.