In a surprising turn of events the Greek government seems to have last night done a complete volte face on their negotiating position with the creditors. Indeed, the proposals look close to the Creditors’ ones from last week. And that’s the deal which the Greek electorate soundly rejected in Sunday’s referendum. That now seems like … More Greek caterpillars turns into butterfly overnight?
Exit polls suggest that the “no” campaign has scored a decisive victory in the Greek referendum, with it looking like over 60% of voters supporting Tsipras’ stance to reject the creditors’ terms. This is even though that offer has expired and Tsipras on Wednesday reportedly acceded to the majority of the creditors’ demands. The emergency … More Greek voters take the EUR into the unknown but probably down
The last 3 day’s of trading have confirmed the view in my previous post that EUR was likely to fall (EURUSD down close to 2% thus far) with generally good news about the Greek crisis (due to the funding currency nature of EUR in the post-ECB QE and negative deposit rate world). And thus far … More Update on EUR and Greek negotiations
News about the Greek negotiations has steadily deteriorated, culminating in Monday’s emergency summit (although the agony could conceivably be extended until 25-26 June Heads of States of the Union meeting). Yet at the same time the euro has been flat to rising: EURUSD is up nearly 3% on the month and 0.6% last week despite … More Why has the Euro been so resilient in the face of the growing Greek crisis? Where from here?