Via BofAML's Athanasios Vamvakidis,
Time for Tsipras to be Greece’s Lula?
Greece has less than two weeks to persuade the rest of Europe of its commitment to reforms. We previously argued that President Lula’s case in Brazil—a former union leader from the left, who was credited with impressive economic performance despite initial market concerns—suggests that Greece’s Prime Minister Tsipras could similarly surprise markets positively by implementing market-friendly, structural reforms.
Official data suggest that the Greek government will run out of its cash buffers by the end of March—press reports in Greece suggest that the government has a funding gap of €1.5bn in March and €2bn in April. The Greek government has committed to submit details of its reform plans following recent meetings with European leaders, which the European institutions and the IMF will evaluate.
Now may be the time for Prime Minister Tsipras to show to the rest of the world that he is Greece’s Lula.
We believe that a strong commitment to reforms will be what could cut Greece’s Gordian knot.
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