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Update on Greece

This past weekend, the Greek government reached a tentative deal for a third bailout with other European countries. If approved by the Greek Parliament, Greece will cut pensions, reduce job protections and raise taxes in an effort to make the country more fiscally viable. In return, Greece will receive some amount north of 80 billion euros, allowing it make debt payments it lacked the funds to pay.7.13.15

The details remain to be worked out, including Greece selling off some public assets like the national electricity operator. Undoubtedly, further complications could arise, including the Greek Parliament rejecting the agreement. However, as a next step, this is a positive for Europe, as Greece was casting a cloud of uncertainty over an otherwise improving set of economies. Overall, European unemployment is slowing coming down. Lower energy prices and an uptick in exports from a weak euro are further sources of growth.

Greece itself has a long way to go to return to fiscal health, with tremendous debts and a shrinking economy. But Greece remains a tiny part of Europes economy just 2% of countries using the euro. Assuming the deal comes together, this agreement will allow Europe to focus on improving all European economies, not just its weakest link.

DISCLAIMER: Past performance does not predict future results. This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.
Investment Advisory Team
Hefren-Tillotson

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Hefren-Tillotson Inc. is a leading diversified financial services firm providing investment and retirement plan management and comprehensive, financial planning through MASTERPLAN® for individuals and businesses. The firm’s wealth management services are administered by Certified Financial Planner (CFP) professionals, Chartered Financial Analyst (CFA) Charter holders, attorneys, Chartered Life Underwriters, and CPA/PFS’s. Hefren-Tillotson offers corporate services including 401(k) retirement planning, executive financial counseling, fiduciary reviews and workplace financial planning seminars. Founded in 1948, the firm is headquartered in Pittsburgh and has offices located in Pittsburgh, Butler, Greensburg, North Hills, and South Hills.