Optimism tempered by finance ministers

EURO AREA finance ministers tempered optimism that a deal on Greece was in the offing, saying that expectations of a breakthrough were inflated amid confusion over fresh Greek proposals intended to unlock aid.

With markets surging on hopes of an imminent accord, finance chiefs arriving for a meeting in Brussels yesterday were united in dousing hopes of a rapid deal.

Dutch Finance Minister Jeroen Dijsselbloem said it was “impossible to have a final assessment” of the Greek proposals since they had arrived so late, while his Irish counterpart, Michael Noonan, said he expected ministers to have to meet again on Thursday.

“A lot of air miles have been wasted” bringing ministers to Brussels, Finland’s Finance Minister Alexander Stubb said, adding: “I don’t think there will be any form of a breakthrough today because there’s no official paper on the table.”

The wave of negativity defied a rally of Greek bonds and shares yesterday amid confidence that a deal is within reach. – Bloomberg