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Greece to present new proposals on Tuesday

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Greece to present new proposals on Tuesday while experts warn that Greece faces may insolvency if things wont work out. Alexis Tsipras and Angela Merkel ended their telephone call today and Greek officials confirmed that Tsipras agreed to present a “comprehensive” Greek proposal for an aid deal at Tuesday’s emergency leaders summit. Meanwhile Greece will issue a new decree today to extend the bank holiday for a few more days, bankers are telling Reuters.

In another development Greece’s maverick finance minister Yanis Varoufakis, who announced his surprise resignation left the Ministry of Finance with his wife Danai on the back of a motorbike in downtown Athens creating flurry of Tweets today.

US stock markets have opened after the July 4 holiday long weekend and so far reaction to the Greek crisis is muted. The Dow, S&P 500 and Nasdaq are all down around 0.5% in early trading.So far US investors have largely shrugged off the Greek crisis and it looks like they same mood will prevail today. But anything can happen. During the last Euro-crisis US markets went on a roller coaster ride as investors worried about “contagion” and Greek woes spreading across Europe.

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