Fitch Ratings: There could be a Grexit

Greece misread its bargaining strength

The head of the international states department at Fitch ratings agency, James McCormack said it will still be difficult for Greece to reach an agreement with its creditors, even as Greek MP Alexis Tsipras offered to meet most of their demands. Speaking to Bloomberg TV McCormack said the resounding ‘No’ in last Sunday’s referendum was a pivotal point, adding, however that it did strengthen SYRIZA’s bargaining position.  He added that the Greek government might have miscalculated their bargaining position exactly by this vote. The difficulties between the two sides could prove insurmountable.