EU and IMF reach deal on Greece - Reuters (Barcelona) - There are reports coming from Reuters that the IMF and the Eurozone, part of the so-called Troika, have reached a deal to reduce Greek debt to 124 % of the GDP in 2020 through package of extra steps amounting 20 % of GDP.

There is still few concrete details out of Brussels, although it has not been necessary for the Euro to take off en-route now to 1.30. This decision, if materialized, will be another can kicking down the road, with the goal setting to hit by 2020 thought to be unrealistic to say the least. But that is not a problem, there will always be another EU summit around the corner.

As ZeroHedge notes: "Greece has to magically grow its GDP by EUR 50 billion from EUR 184 billion to EUR235 billion by 2020 for this 124% debt/GDP to be hit (and another EUR 20 billion in the next two years)."