- Lots of talk - a meetings fest over the next couple of days...but without Mr Varoufakis who has resigned. More on that below...
- The Greek banks cannot open without explicit ECB/ELA - I called it on Twitter yesterday the 'highest level of financial game theory now' - and this opens up a route for a compromise despite the 'no' nature of the vote;
- Grexit? - still only a 40% chance. Because inherently the Greeks still prefer the stability of the euro versus the old drachma;
- A deal - has to include a bond restructuring otherwise it is not worth the paper it is written on. This is very much a continuation of the view I gave in last Monday's Yahoo Finance Contributors column (link here);
- Contagion? - got to take the issue off the front pages - hence the need for a compromise;
- Mr Varoufakis - certainly his aggressive style has alienated some BUT his resignation I believe indicates a compromise is in the air
More in a further posting later...