And now for Grexit

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.

Houses and Holes
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