The outcome of Greece referendum on Sunday

US Mid-Session Update: Uncertainty likely to continue whether the outcome of Greece referendum on Sunday likely to continue whether the outcome of Greece referendum on Sunday

Economic data:

- (IN) India Weekly Forex Reserves w/e Jun 26th: $355.2B v $355.5B prior

- (BR) Brazil Jun PMI Services: 39.9 v 42.5 prior (4th straight contraction and lowest since Mar 2009); PMI Composite: 41.0 v 42.9 prior

- (MX) Mexico Apr Gross Fixed Investment: 5.3% v 5.3%e

Speakers

- EFSF Board resolved to declare Greece in default and reserved the right to call in Greek loans early. It decided not to request immediate repayment. To address Greece in writing to give effect to resolutions. Greek non-payment has no influence on fund capacity to repay bond holders

- Greece PM Tsipras National address reiterated that planned referendum would go forward on Sunday and let the ballot decide. IMF report justified choice not to accept offer that avoided debt issue. Greece did ask for a 30% debt haircut and 20 year grace period to restore path of sustainability

- Eurogroup chief Dijsselbloem reiterated that creditors had not made any fresh proposals to Greece; to await after referendum

- EU's Juncker reiterated that 'no' vote in referendum would dramatically weaken the Syriza govt position

- EU Commission reiterated that no talks are occurring at this time with Greece

- German Fin Min Schaeuble: New Greek aid agreement will take time; negotiations would be difficult. Aid proposal subject to referendum was no longer on the table; any negotiations on a new program would take place on a completely new basis

- Belgium Fin Min Overtveldt: Any 3rd Greek bailout program will have tougher conditions then prior program regardless of outcome of referendum

- German Finance Ministry spokesperson Jaeger: Greek ESM program would require Greece application first; must wait for outcome of referendum first. Declined comment on timeline for any Greek ESM program; would not be a simple procedure

- ECB said to extend backstop facility to Bulgaria to ward off contagion from Greece and ready to assist other nations in CEE

Currencies

- Markets awaited results from Sunday's referendum to see if the political landscape would change for better or worse for Greece before bailout negotiations continued. A new govt coalition or election could take place with a 'yes' vote while a 'no' vote could roil financial markets

- Euro currency to benefit from 'yes' vote in Greek referendum but upside seen limited due to uncertainty. Nonetheless the ECB said to be prepared to counter any sign of contagion to periphery or emerging Europe.

Looking Ahead

All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)

- 11:00 (IT) Italy Stats Agency (ISTAT) Monthly Economic Note

- 11:00 (EU) Potential sovereign ratings: Russia Sovereign Debt Rating Published by Fitch

- 17:00 (CO) Colombia Apr Economic Activity Index (Monthly GDP) Y/Y: No est v 2.8% prior

- 17:00 (CO) Colombia Total PPI M/M: No est v 0.0% prior; PPI Domestic M/M: No est v -0.7% prior

Weekend Sun:

- (GR) Greece referendum on creditors terms