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Futures, EUR Surge On Report Greek Agreement "Reached In Principle"

And so it begins... 1am local time and we get 'unidentified sources' stating that:

  • *GREECE AGREEMENT `IN PRINCIPLE' REACHED, CNBC REPORTS
  • *GREECE WILL STAY IN EU BAILOUT PROGRAM, CNBC REPORTS
  • *DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS

Stocks futures and EURUSD are surging on it but we suspect - given the timing - that there is no detail yet and this is nothing but a blanket statement of effort for compromise to calm Greek bank stocks for the week as they reach ELA limits.

 

The kneejerk reaction...

 

We can't help but suspect this is about rallying Greek banks for the next few days to avoid being forced into a rapid decision ahead of the final statement next Monday:

  • *FINAL DETAILS OF GREEK DEAL WILL BE KNOWN MONDAY, CNBC REPORTS

We shall see...