Latest updates on Greece

As of now it seems like that the Greek drama will continue till the very end which as of now stands as June 30^th, when Greece needs to pay back IMF around € 1.6 billion. On that very same day extension of the bailout by EFSF expires.

Latest updates on Greek situation -

• Greek government and creditors have failed to reach a deal prior to the summit. Bailout monitors, European Central Bank (ECB), European Commission (EC) and International Monetary Fund (IMF) will continue to work over the weekend to reach an agreement.
  
  
• As of now, IMF remains opposed to the idea that Greek's latest proposals are relying just on higher tax collection to meet the primary surplus target.
  
  
• Euro zone creditors as of now remains opposed to the idea of debt write offs or reliefs.
  
  
• Greek government remains opposed to the idea of pension reforms and higher retirement age.

Greek Prime Minister Alexis Tsipras, is going to German Chancellor Angela Merkel and French president Francois Hollande today.

Greece needs to secure a deal before Monday so that it can be approved through Euro zone parliaments.

Euro trading flat around 1.12 against dollar awaiting outcome.