It has been spotted out that the most latest Greek opinion polls positions to admit to the creditor proposal, but all surveys were conducted before the government recommended a 'No' vote.
Greece's PM Tsipras has called for a referendum on the Institutions' proposals. The government recommends a 'No' vote, but argues this is not the same as a vote for 'Grexit'.
In our view, we are on the default, but no Grexit' path, but this is not sustainable given the very negative sentiment between Greece and its creditors.
The ECB has decided to keep the Greek emergency liquidity assistance capped at Friday's level, entailing there will be no further liquidity support to the banks.
Focus now turns to the backstop facilities. Both the Euro group and the ECB signal they are ready to intervene, but the ECB could have been more explicit.
However, we expect the ECB will step up QE purchases as we enter the week. If this is not enough, other tools are likely to be explored.
