EUR review

Quotes from RBC Capital Markets:

-EUR: Germany's February Ifo survey was slightly disappointing (headline 106.8; consensus 107.7), though the index remains above its long term average and the shortfall was largely due to the backward-looking current conditions index. Late on Friday, the Eurogroup said that an agreement had been reached on Greece for a four-month extension.

-But Greece still needs to submit details on reforms by today. Government sources say the list will cover general reforms on tax, public administration, and the like, without specific fiscal targets. There is still ambiguity as to what exactly this list is-a 'replacement' for the memorandum (as it seems to be seen by the Greek side) or an 'addition' to the memorandum (without negating the existing conditions, as seems to be implied by the Eurogroup).

-So this deal is by no means done. If the Greek list is approved, the Eurogroup would agree to the extension by teleconference on Tuesday and it would then go to whichever national Parliaments need to vote through approval (including Germany and Finland).