Greek deal remains close yet far away

Headlines doing the rounds are giving Greek bonds a boost

As is ever the case with Greece, within the space of minutes we"re either close to a deal or not close enough.

A Greek government official was out a little earlier saying that creditors are close to a preliminary deal. That left EU officials to dampen the mood a little while later by saying that the EU is not there yet on a bailout deal.

Germany is still sticking to their mantra that Greece can"t substitute debt relief for reforms.

I think we can guess the sticking point here.

Greece bonds are reducing some risk premium as 10"s drop below 7%. They haven"t managed to stay below there properly since Dec last year, and that was only fleetingly.

Greek 10 year yields

The lessening Greek risk trading is of no benefit to the euro which remains firmly under 1.0800.

Greek deal remains close yet far away
Greek deal remains close yet far away
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