Greece bailout !

“The bigger event this weekend for the Eurozone & global financial markets would be the Greece bailout ultimatum which could be decided by this Sunday (12 Jul). The Greek government led by PM Alexis Tsipras has submitted the detailed reform proposals in exchange for a three-year bailout loan of at least EUR53.5 billion and reports said that the latest Greek bailout reform plan (which included pension savings and tax increases) is broadly similar to the one proposed by the international creditors on 26 June 2015, giving hope that a compromise can be reached.”

The latest plan was submitted less than 2 hours before the Thursday (9 Jul) midnight deadline and will be presented to the Greek Parliament later today (10 Jul). The Eurozone finance ministers can meet on Saturday (11 Jul) to review the [expected] Greek proposals for a new bailout loan before the 28 EU leaders summit in Brussels on Sunday (12 Jul) that could sign off on a new bailout deal for Greece.”

Looking ahead, we have the key employment report from Canada while Fed Chair Yellen’s speech later tonight will also be closely watched.