Calamos Supports Greece
GreekReporter.comGreek NewsEconomyBoA, Merrill Lynch, Capital Analysts on SYRIZA's Economic Plan

BoA, Merrill Lynch, Capital Analysts on SYRIZA's Economic Plan

The SYRIZA economic plan is a joke, said Capital fund analyst Joerg Sponer, after the meeting of SYRIZA MPs Giorgos Stathakis and Yiannis Milios with 35 international banks and hedge funds in London. Bank of America/Merill Lynch followed shortly after showing negative reactions on SYRIZA’s economic startegy. Yiannis Milios replied that foreign funds have changed their attitude towards SYRIZA because they know that the party will be the next Greek government.
Bank of America/Merill Lynch included the conclusions of that meeting to its latest newsletter. The BoA/Merrill Lynch report says that the SYRIZA MPs were certain that they will either form an autonomous government or will cooperate with PASOK or To Potami.
The report says that SYRIZA expects that the EU will “forgive” Greece and erase the biggest part of the sovereign debt, the ECB will move the Greek bonds on hand and buy more. At the same time, the leftist party has no Plan B in case Greece’s creditors disagree.
The question lingers of how it’s possible for the Central European Bank to accept the SYRIZA positions when the party refuses to accept the required measures and reforms of the bailout program.
The Capital fund analyst reported that after the meeting “everybody wants to sell everything in Greece” and that the SYRIZA plan is “worse than Communism.” This according to an email Joerg Sponer sent to his clients and somehow was leaked to the press. He talks about a “Cyprus scenario — massive run on deposits, corporate clients moving everything they can abroad and a complete stop of FDI/investments.”
According to the email SYRIZA’s economic program and its expectations of the party’s representatives that the ECB will buy the entire Greek debt for 60 years similar to Germany’s debt cut by 62 percent back in 1952 are unreal. He also calls SYRIZA’s plan to provide food, shelter, health care and free electricity to those in need a joke.
Yiannis Milios responded to the reports and claimed that he doesn’t remember Sponer being at the meetings. The SYRIZA MP said that foreign financial institutions have changed their attitude towards SYRIZA now that they know the party is government in waiting. He said that during the 2012 elections, they were more aggressive; now they are more neutral.
“They know that SYRIZA will win the elections and they feel they should do something about it,” Milios said and added that the party will remain true to its economic program.
Capital fund said that the views of the analyst do note represent the group and that he is one among many the group works with. The other two financial institutions said that SYRIZA’s move to present them its economic plan is a positive sign for the markets, even though their view on Greek economy might be different.

See all the latest news from Greece and the world at Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!

Related Posts