Greece Crisis: Tsipras offer not enough?

Tsipras accepted the Troika's conditions for a bailout - with minor changes - in a two-page letter sent to Jean Claude Juncker, Mario Draghi and Christine Lagarde, the Financial Times reports. Rumours say creditors consider it insufficient.

Follow at FXStreet latest developments of the Greek situation:

Highlights

EUR/USD flirts with 1.11 handle amid Greek-led exhaustion – The EUR/USD pair is hovering close to 1.11 handle, threatening to fall below the same as proposals and counter proposals continue to fly back and forth between Greece and its international creditors. (Jul 01 2015, 12:01 GMT)

Referendum will go ahead – Greek government official – A Greek government official said that Greece will go ahead with the July 5 referendum and said the negotiations will continue after the vote. (Jul 01 2015, 11:06 GMT)

Merkel says Greece unilaterally abandoned successful talks – German Chancellor Angela Merkel put the responsibility of the failure of Greek talks entirely on Greece by expressly stating that Greece unilaterally abandoned successful talks. (Jul 01 2015, 11:26 GMT)

Schaueble rejects talks before Greek referendum – Germany’s Schaueble reiterated that Greek deal talks before the June 5 referendum makes no sense. Schaueble added that Greece is engaged in diversionary measure. There are also reports that the proposals contained in Tsipras’ letters may be opposed by some members.. (Jul 01 2015, 10:49 GMT)

Tsipras letter: still fighting for pensions and VAT – Athens is still negotiating despite officially entering in default last Tuesday. The market is again convulsed after news made the rounds that PM Alexis Tsipras has sent a letter accepting the latest deal, with some conditions that include maintaining the VAT discount, and delaying pension reforms to October 2015. (Jul 01 2015, 09:42 GMT)

EUR/GBP shoots to 0.7130 on Tsipras bailout – The better tone in the euro is now lifting EUR/GBP to test fresh session highs in the 0.7130 area. (Jul 01 2015, 09:37 GMT)

Tsipras letter drives German bond yields higher and Greek bond yields lower – The safe haven German bunds fell, pushing the yields higher after the FT reported that a new letter from Greek PM Tsipras indicates willingness from the part of his government to accept all his bailout creditors' conditions that were on the table this weekend with only a handful of minor changes. (Jul 01 2015, 09:29 GMT)

Institutional Views

EUR/USD: Dominated By Tsipras' Greece Reforms Speculations by Credit Agricole

“With Greece having lost its EU funding lifeline and public unrest growing, speculation of a possible Syriza cave-in ahead of Sunday’s scheduled referendum could dominate EUR/USD trading today. [...] While Sunday’s referendum may still go ahead, EUR/USD risks appear biased - today at least - toward it being avoided.”

The referendum in Greece: Which implications? by BNP Paribas

“The Greeks will have to pronounce themselves on measures and reforms submitted by the Commission, the IMF and the ECB, in return for an extended financial support. [...] In a case of a “no” vote and if an exit from the Eurozone were nevertheless to happen, the impact on the Greek economy would be drastic but more limited for the Eurozone.”