Discussions continue in Europe
In Europe, Greek Prime Minister Alexis Tsipras is to meet with German Chancellor Angela Merkel for the second time in five days to continue discussions related to the Greek bailout plan. Athens is dragging its feet on announcing the reforms it intends to implement, even though, in theory, they should be taking effect this week. The government must also pay salaries and pensions this week totalling close to 1.5 billion euros, but is short on funds.
The price of crude oil is down this morning, after Saudi Arabia confirmed that it continues to pump oil at record levels, lending credence to the theory of a price war against new sources of petroleum products such as shale gas. Moreover, the Saudi Oil Minister stated that he does not plan to cut output, despite nosediving prices. It will be interesting to see how the loonie reacts to these developments.
Today, we’ll be keeping an eye on Existing Home Sales in the United States.
