Greek government swings again, might accept bailout

Greek swing comments, making it very difficult for traders to take positions, as heavy swings on both sides are hitting the stop losses.

According to latest update -

• Greek Prime Minister Alexis Tsipras will accept all his bailout creditors' conditions that were placed on the table by Jean Claude Juncker, over the weekend, with only minor changes according to a letter sent by him to European commission.

• Greek Prime Minister has also requested a third new bailout package from European lenders of € 29.1 billion and an extension of the previous bailout, which as of now stands expired since the request was rejected by Euro group finance ministers.

Changes Mr. Tsipras requesting -

• As of now Mr. Tsipras stands ready to accept all bailout condition including value added tax, only change he is requesting is 30% discount to Greek Islands since they remain far from mainland supply.

• On the issue of pension reform, Mr. Tsipras requests that changes to move the retirement age to 67 by 2022 begin in October, rather than immediately.

• He accepts to remove solidarity grant to poor pensioners by December 2019, but at slower pace.

Eurozone finance ministers are due to discuss Mr Tsipras' new proposal in a conference call at 5:30pm, Brussels time.

Euro bounced back. As high as 1.117 after the news, however currently at 1.113 as traders remain cautious over Greece.