Market Overview

3 July 2015

Weekly Review: The Greek drama continues

There is still no end of the Greek drama. Greeks will vote on Sunday if the Greek government should accept the proposals made by its lenders. Greek Prime Minister Alexis Tsipras said that Greek should vote "No" on Sunday to get better proposals. He also said that the vote "No" would not mean that Greece have to leave the Eurozone.

Greek Finance Minister Yanis Varoufakis said on Friday that a deal between Greece and its creditors will be reached regardless of the outcome of Sunday's referendum. He noted that a deal was "more or less done".

Later, head of the Eurogroup Jeroen Dijsselbloem said that a deal between Athens and its lenders is near is "completely false". He added that no new proposals have been sent to Greece.

I think that Greece will get a better proposal after the referendum on Sunday despite the outcome of that referendum. EU officials fear the consequences of the Greek exit from the Eurozone. But they understand that Greece is not capable to pay back all its debt of €323 billion.

Markets are expected to be volatile as investors remained focussed on the Greek debt problem. It is likely that the currency pair EURUSD will test the level $1.0900 or $1.0800 on Monday, but will recover later, if Greek vote "No" on Sunday. If Greeks vote "Yes", the currency pair EURUSD may test the level $1.1200 or $1.1300.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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