Europe outlook: Greek gridlock and Italian banks

By Rob Burnett, Investment Director, Head of European Equities

As investors await a resolution of Greece’s repayment difficulties, we anticipate a period of consolidation in the European market over the next few weeks. Our base case is that the Greek government and the European Central Bank (ECB) will come to a solution, particularly given the IMF’s recent decision to delay the next repayment to them until the end of the June. It is incredibly difficult to follow the toing and froing of the daily headlines surrounding Greece. However, the IMF delay has given the negotiators on both sides more time to come to a concrete conclusion and we believe a resolution will be found. This should support the market in the second half of 2015.

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