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30 Jun 2015 02:22 EUR/USD - Continues fm previous update... 
 
While Greek PM Alexis Tsipras hopes that his negotiating position would be strengthened by a "No" vote on the lenders' proposal, Coeure warned that EZ FinMins had clearly decided that the latest proposal had "reached the limits of what is acceptable." 
 
Asked what he would say to convince the Greek people to stay in the euro, the top ECB policymaker gave a stern warning: "If Greece was to leave, austerity would be even worse. It would not benefit anymore fm the euro zone solidarity that has given it time to make necessary adjustments."  
 
Coeure said market reaction nevertheless "remained relatively mild," which he said showed Greece was a unique case faced with a unique situation. But the central bank is monitoring the situation closely n will use all available instruments, or even new ones, if needed, he added. 
 
Coeure said the ECB would maintain its support to Greek banks "until further notice" n was reviewing the situation constantly. He said the ECB's decision on Sun not to raise a cap on emergency funding to Greek banks (ELA) was required by the events of the weekend. It is "a proportionate decision" because it is not "irreversible", he said. 
 
The ECB rejected a request by Greece for 6 bln euros of extra emergency funds on Sun, but is expected to continue limited support for its banks until the referendum, people with knowledge of the matter said earlier on Mon.  
 
30 Jun 2015 02:19 EUR/USD - 1.1195.. A piece of earlier euro-bearish news worth noting. Reuters reported it is now possible that Greece may end up exiting the euro zone even though this is not what the ECB or other EU institutions want, ECB executive board member Benoit Coeure said on Mon. 
 
It was the most direct admission yet by a top ECB policymaker that a "Grexit" could happen after Athens decided to interrupt talks on an aid-for-reforms package n call a referendum for Jul 5. 
 
"A Greek exit from the euro zone, so far a theoretical issue, can unfortunately not be excluded any more," Coeure told the French financial daily Les Echos, adding that this was the consequence of Athens' decision to end the talks. 
 
Coeure said that if Greeks vote "Yes" in the referendum for the aid package, he had "no doubt" euro zone authorities will find ways to meet commitments towards Greece. If the "No" vote wins, "it would be very difficult to resume political dialogue," he said. 
 
30 Jun 2015 02:17 EUR/USD - Continues fm previous update... 
 
Tsipras would have to send a written acceptance of the version of proposals fm the lenders published on Sun, with a pledge to campaign for them to be accepted in the planned Jul 5 referendum. 
 
The offer published on Sun incorporated a proposal from Greece that would set value-added tax rates on hotels at 13%, rather than at 23% as originally planned in the lenders' proposals. It was not immediately clear whether there would be any additional changes. 
 
If the offer were accepted, the EZ finance ministers could adopt a statement saying that a 2012 pledge to consider stretching out loan maturities, lowering interest rates n extending an interest payment moratorium on euro zone loans to Greece would be implemented in Oct. 
 
The offer would be conditional on a letter to Juncker, Eurogroup chairman Jeroen Dijsselbloem, German Chancellor Angela Merkel n French President Francois Hollande arriving in time to arrange an emergency meeting of the Eurogroup on Tue. 
 
30 Jun 2015 02:15 EUR/USD - 1.1198.. Lastest on Greece, Reuters just reported European Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires on Tue, EU n Greek gov't sources said. 
 
Under the offer, PM Alexis Tsipras would have to send written acceptance by Tue, in time for an emergency meeting of the Eurogroup of EZ FinMins to be held n agree to campaign in favour of the bailout in the planned Jul 5 referendum. 
 
However, there was little sign that Tsipras was prepared to drop his repeated rejections of the bailout offer, which he has dismissed as a "humiliation" for Greece. 
 
A Greek gov't official said that it listened with interest to what was being proposed but said: "Alexis Tsipras will vote "no" on Sunday". 
 
30 Jun 2015 00:27 USD/JPY - Breaking news fm Reuters, Japan EconMin Amari adds 'Japan is still in midst of emerging from deflation so there will be periods when economy moves sideways; want to resume with U.S.-Japan working level talks on TPP as early as possible, undecided whether it will be held this week or next.'
30 Jun 2015 00:19 USD/JPY - Breaking news fm Reuters, Japan EconMin Amari says 'shouldn't over-estimate effect of Greek debt crisis on global economy as size of Greece's economy is relatively small; hope EU, Greece reach agreement that would lead to soft-landing of situation; instead of holding referendum, hope Greece works with EU in laying out a roadmap on fiscal reform; if policymakers respond calmly, don't think Greek debt crisis will have severe impact on global economy.'
29 Jun 2015 19:42 EUR/USD - 1.1240 ... Breaking News From Reuters, ECB's Coeure says ECB wants Greece to stay in euro zone, but Grexit "can unfortunately not be ruled out any more" - Les Echos newspaper. ECB's Coeure says if Greeks answer "yes" to referendum, "has no doubt" euro zone authorities will find ways to meet commitments towards Greece - Les Echos. ECB's Coeure says if Greeks vote "no" in referendum, "it would be very difficult to resume political dialogue" - Les Echos. ECB's Coeure says eurogroup clearly decided that Greece's creditors "have reached the limits of what is acceptable" in their latest proposal to Athens - Les Echos. Coeure says ECB's decision on Sunday not to raise ELA ceiling for Greek banks but allow them to tap already allocated funds is proportionate and not irreversible. Coeure says ECB will maintain support to Greek banks "until further notice," ECB reviews situation constantly - Les Echos. 
29 Jun 2015 19:29 EUR/USD - 1.1242 ... Breaking News From Reuters, Greek PM Tsipras says aim is for referendum to bring continuation of negotiations with lenders; the stronger the rejection of creditor deal, the stronger the Greek hand in talks; does not think creditors want to throw Greece out of the eurozone, cost would be huge. 
29 Jun 2015 18:30 EUR/USD - 1.1245 ... Breaking News From Reuters, S&P lowers Greece sovereign credit rating to CCC- from CCC; the probability of Greece exiting the eurozone is now about 50%; the probability of Greece exiting the eurozone is now about 50 pct. S&P interpret Greece's decision to hold referendum on official creditors' loan proposals indication Tsipras government will prioritize domestic politics. 
29 Jun 2015 18:28 EUR/USD - 1.1243 ... News From Reuters, European Council President Donald Tusk told Greek Prime Minister Alexis Tsipras on Monday that he saw no willingness among member states to agree to Tsipras' request to an extension to bailout loans.
29 Jun 2015 17:25 EUR/USD - 1.1240 ... Breaking News From Reuters, 
China's Premier Li Keqiang says wants to see a strong euro, which serves china and world interest.
29 Jun 2015 17:05 EUR/USD - 1.1210 ... Breaking News From Reuters, EU's Tusk says wrong to say that Greece will have a stronger negotiating position by voting against bailout in a referendum. 
29 Jun 2015 16:49 EUR/USD - 1.1187 ... Breaking News From Reuters, ECB's Nowotny says must examine legal aspects of granting assistance if Greece not in a bailout program - newspaper. 
29 Jun 2015 16:39 EUR/USD - 1.1190 ... Breaking News From Reuters, British finance minister George Osborne says Britain has contingency plans in place to help its nationals in Greece 'if the situation deteriorates' ; 'most people' regard the upcoming Greek referendum as a vote on whether to quit the euro or not. 
29 Jun 2015 16:27 EUR/USD - 1.1182 ... Breaking News From Reuters, British finance minister George Osborne says hopes for the best on Greek crisis but is preparing for the worst; nobody should underestimate the effect of a Greek euro exit on the European and UK economies; his finance ministry and bank of England stand ready to ensure stability of British economy in event of Greek euro exit; British government will continue to pay pensions to Britons in Greece despite crisis; visitors to Greece should take cash to cover all their needs, not rely on credit/debit cards/cash machines. 


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