So says Sueddeutsche Zeitung who report that the new proposal is little different from that previously submitted and which led to the response by EU rejected by the Greek No vote on Sunday

  • defence cuts less than required
  • Greece to keep vat rebate for islands
  • leave vat for restaurants at 13%

Surely they must have improved/come a little closer ? Sadly perhaps not, and the ever increasing game of bluff continues

Meanwhile EURUSD had a little rally to 1.0990 after holding 1.0955 support earlier but now back down to 1.0970

Cable still looks rotten and now chewed through bids/support at 1.5485 to post 4-week lows of 1.5454