Not much to report on Greece today except to say that not much has changed. The Greek Government is preparing a proposal that Germany is unlikely to accept.
Here are a couple of useful flow charts, first from Deutsche via Zero Hedge on negotiations:
Grexit looks the more likely to me. And from Bloomie on the key dates:
Australian bank funding costs crept higher again yesterday with CBA CDS adding half a basis point to 69bps over swap:
Still very long Gresolution.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.