The talks in Brussels are going from problematic to bad and much worse . The Eurogroup text included things that seemed fictional not so long ago. One suggestion is that Greece passes state assets worth 50 billion euros to separate fund, basically ceding sovereignty. In addition, Greece is required to pass even harsher reforms by Wednesday. If not, it will be “temporarily” expelled from the euro-zone as if there is such a thing. Tsipras was personally humiliated by Merkel, the latter is the toughest. so far, Italian and French efforts to mediate are not fruitful, apart from rejecting the “temporary Grexit”. Germany is even at odds with the ECB.
EUR/USD gaps lower to 1.11 after closing around 1.1150 on Friday, when there was optimism for a deal.
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