Reuters just reporting that Tsipras is to hold separate talks on the sidelines of the Eurozone leaders summit currently in progress
Part of the Eurogroup proposal is a form of Grexit- lite as I reported just now whereby Greece takes a holiday from the Eurozone in return for some discussion on debt restructuring
Quite how that would pan out and what markets would make of it is difficult to gauge ahead of further detail but I'd say increased uncertainty, euro wobble to start with then more demand as markets and Europe reconciles a stronger Eurozone less one weak member. I couldn't see Greece coming back into the fold in a hurry
The "time-out" was mooted yesterday as a German initiative, unsurprisingly on which Adam posted this at the time
The debt restructuring carrot is surely too big to refuse but Hollande had previously said today that he "dismisses the concept of a provisional Grexit"
More detail awaited later when the leaders release a statement. No time scheduled for that as yet
Not a lot of peace and love around today but can a deal still save face?
