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Greek bailout shows signs of progress

Wednesday, August 05, 2015 - 01:21

Greek bank shares are sold off sharply for the third day in a row, but losses were less than in the previous sessions. And as Joel Flynn reports there were also signs of progress in the bailout talks despite protests in Athens.

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Greek protestors demand "jobs for everyone". But even the most strident of them might concede that is optimistic. And, as negotiations on Greece's third bailout start coming to a head, anger is mounting SOUNDBITE: Civil Servant Demonstrator, Manolis Dandoulakis, saying (Greek): "They're bringing in new measures for this coming bailout which we can't tolerate." SOUNDBITE: Pensioner, Yannis Athanasiou, saying (Greek): "The government tricked us, promising not to bring in new measures and reverse previous ones. Not only did they not do this, but they're bringing in more." Prime Minister Alexis Tspiras says he's hopeful the bailout talks will be concluded by August 18. That's just two days before another key ECB debt deadline. SOUNDBITE: Greek Prime Minister, Alexis Tsipras, saying (Greek): "We cannot ignore the fact that this deal has thorns, it has policies that weren't our choice but ones we are obliged to implement." Greece's stock exchange is back operating after a five week closure, but on day three bank shares plunged another 27 percent, after similar falls on Monday and Tuesday. The ECB is now looking at their capital shortfall, while others look nervously at political instability. Bill Blain is a market strategist at Mint Partner. SOUNDBITE: Mint Partners Market Strategist, Bill Blain, saying (English): "I think the real problem next in Greece is going to come domestically, I think it's very, very likely we're going to see a split in Syriza, and when that happens it's very likely we get new elections." That's something many others in the euro zone want to avoid.

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Greek bailout shows signs of progress

Wednesday, August 05, 2015 - 01:21