Euro area GDP is out today

The 'flash' estimate is expected to reveal growth of 0.5% q/q, as a confluence of supportive tailwinds propel the recovery to its fastest pace since 2011. 

There will be limited details accompanying this first release, but it is judged that private demand and (to a lesser extent) investment provided the main growth impulse over the start of the year. 

Unusually, everything Greek-related is happening early this week. Overnight, the ECB decided to raise the ELA ceiling by EUR1.1bn (now 80bn) and decided not to raise the haircut on collateral (as expected).

With all the near-term hurdles for Greece cleared, the next crunch point is domestic as the government has to pay wages and pensions at the end of the month.