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Equity markets and the Euro have rallied hard last week in anticipation of a deal to be reached between Greece and its private creditors during negotiations in Athens. However the negotiators on the creditors' side left Athens on Saturday without an agreement having been announced. It appears that the talks have hit a snag yet again. The Institute of International Finance was quick to deny it but that rings hollow. If Dallara and Lemierre had really planned to leave on Saturday, the reduced time frame should have been taken into account during the talks. Sometimes there is no better confirmation than an official denial!
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