Yeah, probably.
Remember, the renegotiation of Greek sovereign debt is partial. Only the debt held by the private sector is being renegotiated. Many billions are held by the ECB as collateral for bank loans to Greek banks and are not subject to renegotiation.
A best-case scenario is that the Greek debt to GDP ratio falls to 120% by the end of the decade. Not too many best-case scenarios have worked out for Greece over the last two years.
That’s likely why the news of a deal being close has not done much to boost EUR/USD.
