Deal Rumor Falls Apart As Eurogroup Says "No Deal", Greece Adds Will Not Accept Bailout Extension

NO DEAL!!!

UPDATE: From Reuters: NO DEAL YET ON GREECE

EUROGROUP SOURCE TELLS REUTERS NO "DEAL" YET WITH GREECE, MAY BE AN AGREEMENT TO EXPLORE POSSIBILITY OF EXTENDING BAILOUT PROGRAMME
SECOND EUROGROUP SOURCE SAYS GREECE AGREES IN PRINCIPLE TO MEET ITS FINANCIAL OBLIGATIONS IN DRAFT COMMON STATEMENT
GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT

And stocks and EURUSD give back almost nothing...FOMO!!

* * *

And so it begins... 1am local time and we get 'unidentified sources' stating that:

*GREECE AGREEMENT `IN PRINCIPLE' REACHED, CNBC REPORTS
*GREECE WILL STAY IN EU BAILOUT PROGRAM, CNBC REPORTS
*DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS

Stocks futures and EURUSD are surging on it but we suspect - given the timing - that there is no detail yet and this is nothing but a blanket statement of effort for compromise to calm Greek bank stocks for the week as they reach ELA limits.

*GREECE, EUROPE SAID TO MOVE TOWARD BAILOUT EXTENSION
*GREECE, EURO AREA DISCUSSING LANGUAGE ON BAILOUT EXTENSION

It appears the "deal" of an agreement "in principle" means that if Greece folds and satocks to Germany's program demands then The EU will allow them to stay in and fund them... LMFAO!!

The kneejerk reaction...

We can't help but suspect this is about rallying Greek banks for the next few days to avoid being forced into a rapid decision ahead of the final statement next Monday: