Forex Flash: Market eyes aggressive Greek target on December 13 – Deutsche Bank (Barcelona) - “In terms of yesterday's Greek deal, it was interesting to see the market's relatively muted response to the Troika's package - probably reflecting the fact that the package is conditional on a positive debt buyback scheduled to take place over the next few weeks and the approval of member state's parliaments over what seems to be an aggressive timeline target of December 13th.” notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.

As DB's Mark Wall pointed out, what is meant by a "positive" outcome on the buyback is not officially defined, however in his view it would be a surprise for the Eurogroup to deny support to Greece on the back of low investor participation in a bond tender after having come this far in negotiations. Greek 10yr bond yields closed 26bp lower yesterday at 16.25%, while the Athex Composite (+0.29%) was denied further gains as Greek financials (-7.9%) reacted negatively to the prospect of dilutive bank recaps from the Troika's package.