Negotiations of Greece with the creditors are extremely complex and can still lead to a default of the country or early elections, says the chief economist at Goldman Sachs, Hugh Pill.
"The fact that an agreement between Greece and its official creditors may require technical sovereign default and/or the blocking of bank deposits in Greece, is not only possible, but it may be necessary to get out of the negotiating impasse," - quoted, based on his analytical note, the MarketWatch.
This week, Greece should face another fiscal test: on June 5, it must pay the International Monetary Fund (IMF) about 300 million euro according to the repayment schedule. Investors are concerned that the government of Greece could miss the payment due to lack of funds and lack of agreements with international organizations on the allocation of the next tranche of loans.
According to H. Pilla, Goldman still expects that the parties will be able to come to some agreement.
"At the same time, the probability of a Greek exit from the euro zone is clearly not zero and actually increased in recent years" - sums up the economist.
At the same time, Finance Minister of Italy, Pier Carlo Padoan, also does not exclude failure of Greece from the single currency, reports Bloomberg. "Greek exit from the euro zone is definitely possible. The question is whether it is desirable and what are its consequences", - the minister said on Monday.
In the short term, these effects appear to him restrained and controlled, but on average horizon they can be much more serious.
Meanwhile, there is a good chance for Greece to increase the confidence based on a new project. The Greek section of "Turkish flow", which is worth $ 2 billion, is to be constructed by the country's state-owned company, said in an interview the Energy Minister of Greece Panagiotis Lafazanis after talks with the Russian gas industry and government officials.
"During the meetings was discussed the financial aspects, and questions were raised of financing the construction. On the part of Greek companies there is a huge interest on the construction and future use of the pipeline. The pipeline will be engaged in the Greek state-owned company. Already resolved the issue of financing, the company is ready.", - said the minister.
"I appreciate the infrastructure project at about $ 2 billion. The construction will create about 20 thousand jobs, which will lead to positive dynamics of development of both the region and the country," - said P.Lafazanis.