Of course not

This deal is just the pre-deal deal. It's the deal to end the last bailout program and if completed will mark the start of the next bailout negotiations

There's plenty in the market who are still sceptical that Greece can adhere to these new conditions but it looks like we could have an end to this chapter...as long at it passes through all the relevant parliaments (what could go wrong?)

Some of the details are still sketchy. Hollande has said that on the restructuring side (which he's calling "debt re-profiling" in true political fashion), they are looking to extend the maturities of loans

As for the ELA, the ECB will be making that decision today but as I type, Reuters have just put out that the ECB governing council are seen to hold the ELA steady after some discussions today. We'll wait official news

FT's Peter Spiegel has a leaked copy of the €50bn privatisation fund agreement

Perhaps the most pertinent part is the last paragraph where the fund will be in the hands of the Greeks while the Troika "supervise". They've done a spiffing job so far with supervision and this current deal is tantamount to putting the lunatics in charge of the asylum (What could go wrong MKII?)

The market has shown its hand and USDJPY has benefitted the most in FX land. The chatter is suggesting that the Greek deal has removed some sort of invisible barrier that was in place for the Fed and dampened expectations for raising rates. Now that's gone the market thinks that the Fed will be closer to hiking. That's pie in the sky talk if you ask me but I'm not going to argue with the price moves. Even so, we have warned previously that the market would get back to trading the fundamentals after a deal was done. I wouldn't have expected it to happen so quickly though.

The Euro has suffered on this expectation and there's still plenty to do before all the signatures are on the deal and it's finally given the seal of approval.

We may be near the end of the chapter but we're certainly nowhere near the end of the book

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