The latest trade release is very euro friendly. The lower euro, forced down by selling and not by trade, has increased the euro area trade surplus and with sellers largely exhausted, the euro goes up until the trade surplus goes away..
So Tsipras rejected this latest offer which, based on his earlier offer, indicates he wouldn’t even accept his own offer if the troika agreed to it, but would put it to a popular vote next week.
Note the restructure terms, for all practical purposes, are functionally equal to what could be called the debt forgiveness Tsipras wanted.
June 30 (Reuters) — “The offer published on Sunday incorporated a proposal from Greece that would set value-added tax rates on hotels at 13 percent, rather than at 23 percent as originally planned in the lenders’ proposals. It was not immediately clear whether there would be any additional changes.
If the offer were accepted, the euro zone finance ministers could adopt a statement saying that a 2012 pledge to consider stretching out loan maturities, lowering interest rates and extending an interest payment moratorium on euro zone loans to Greece would be implemented in October.”