Don't Believe The Greek Deal Hype

Despite yesterday's algo driven bull run, and the lies of the Eurogroup politicians, a Greek deal has not yet been secured and is far from certain of being secured.

Aside from the fact that the proposals (the wrong one and the right one) were submitted late, which means that no one has yet gone through the technicalities, there is also the fact that even if the Troika sign off on the proposals the Greek parliament has to ratify them.

That aside, there is also the small matter of a Greek bank run being staved off by daily increases in the ECB's ELA.

FT: Greek bank deposit withdrawals hit €1.6bn on Monday after €2bn of withdrawals on Friday http://t.co/7qZjXgBeH1 ht @SpiegelPeter

— MineForNothing (@minefornothing) June 23, 2015

FT: One commercial banker has reported unofficial capital controls already being implemented at Greek banks at €3,000

— MineForNothing (@minefornothing) June 23, 2015

Even IF a bank run is avoided and the Greek parliament approves this, there is no way they will implement it properly!

This is far from being a done deal!