Comments from BNP on the weekend talks (that are still continuing)

  • BNP say the continuing lack of clarity suggests a moderate 'rsik off' sentiment at the beginning of the week
  • (We've already seen this so far today in the very early goings on)
  • BNP say the creditor demands appear to have toughened

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Note - the new deadline appears to be Thursday

  • Greek vote due Wednesday
  • BNP say that if the outcome is negative, the ECB is likely to signal or deliver new easing measures
  • That would be to counter market disorder & contagion risks and a EUR negative
  • If , on the other hand, Wednesday's vote was a positive, expect a EUR rally will to be short-lived; watch for opportunities to re-enter new shorts in spot