Almost the Daily Wrap

It's pretty difficult to wrap the day when the day ends with unconfirmed sources stating that an agreement has been reached in principle, which as has been pointed out, may simply be a statement to calm the destruction in Greek banks as they have reached their ECB Emergency Liquidity Assistance level which is a non-standard monetary assistance program for qualifying banks. Should bad news come out on the negotiations,  more outflows from Greek banks would be nearly impossible to meet  causing an even greater panic/bank runs.

I think we'll wait for some official sources and details before speculating too much on the subject.