• The markets rejoiced after Greece seems to have a deal with its creditors but then the party had to be called off because the IMF didn’t play ball.
• The Greeks have not accepted counter proposals, and the whole issue is up in the air. However, the big outlines of a deal, if concluded, are fairly clear still.
• It is just more of the same, we don’t see any reason for rejoicing. Such a deal would be bad in our opinion.

Source: If You Do What You Always Do…