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EUR Slides As Greece Refuses To Yield To European Pressure

Despite ECB funding restrictions and German demands, it appears Greece will not yield to the pressures from its 'peers' to toe-the-line and accept servitude. None other than Greek FinMin Varoufakis made that very clear this morning...

  • WILL NOT AGREE TO ANY DEAL RELATING TO PREVIOUS BAILOUT PROGRAMME AT NEXT WEEK'S EUROGROUP - GOVERNMENT OFFICIAL

While ECB's bank supervisor Nouy has proclaimed Greek banks "safe", it appears the market is not so sure as Greek Bank bonds fade along with weakness in EURUSD. It seems last night's pro-government protests have emboldended Syriza further to keep their promises, much to the chagrin of Merkel et al..

 

While the reaction is modest for now , Greek stocks and bonds are leaking in the confirmation and EURUSD fading.