Following the report about Greece reconsidering Juncker’s last minute offer, there are now reports that talks are gathering pace and that Greek PM Alexis Tsipras will travel to Brussels. The IMF deadline is 10 hours away.
EUR/USD is stable above the 1.1160 support line.
- Tsipras has reportedly spoken with Juncker and also with ECB President Mario Draghi.
- Finance minister Yanis Varoufakis talked about the chances of reaching a deal, says he hopes for one but said his country will not pay the IMF.
- Earlier, Varoufakis talked about going to court if the EU throws Greece out of the euro-zone.
- Greek president Prokopis Pavlopoulos has also been busy talking to EU officials.
- Euclid Tsakalotos hinted at a deal before the Greferendum
- The EU Commission, led by Juncker, says it’s up to the Eurogroup to decide but declines to comment on whether it is “possible to stop the clock”.
- However, Germany says no to a bailout extension, as it is “too late”.
- This contradicts the “open door” stance that Merkel talked about.
At the moment, the Greek banking system is kept alive by the ECB’s ELA. While it has been capped, it hasn’t been totally cut off. ECB sources said that Greek banks could still be considered solvent even after an IMF non-payment.
— more comingGet the 5 most predictable currency pairs