Greece likely to reach deal by this week

Greece and Euro zone partners are closer to the deal than many had originally assumed. Chances now stands high that Greece will secure the final deal by August 20^th.

As of latest comments, there seems to be no concern over €3.5 billion due repayment to European Central Bank on August 20^th.

Negotiators will either reach the final deal or they can choose for an arrangement of bridge loan of € 5 billion to pay off the debt.

However, even the skeptics now think that final deal is possible before ECB payment deadline. According to sources familiar to the matter, Greece has provided enough concessions over the last month to win over the creditors.

According to an optimist Greek official, the outline of the deal could come by Tuesday and go for debate and vote in Greek parliament and Euro zone finance ministers might meet on Friday or over the weekend to approve the deal.

In spite of the air of optimism, German officials are suggesting to take more time to do the deal thoroughly than hastily. Germany is demanding for more austerity.

 Participation of IMF continues to be a challenge as the funds officials have said that Greece no longer qualifies for bailout money unless debt becomes sustainable through proper restructuring or write offs.

Euro is currently trading at 1.096 against dollar, might get some boost over Greek deal, though dollar leg will decide the pair's major move in the near term.