Will Greece compromise ?

•       Greece offers half a compromise

–      Agrees to request a 6-month extension to its loan agreement

–      BUT it still refused to accept the conditions that go along with the loan, and instead is submitting legislation that would overturn some of parts of the reform program

–      This is similar to the EC compromise, which the Eurogroup already rejected

–      EUR stronger, JPY & CHF weaker on the news – but I think this is wrong

•       BoJ keeps policy steady, more upbeat on economy

–      Says “inflation expectations a’’ear to be rising” but I can’t find evidence of this

–      Wait for Gov. Kuroda’s press conference to hear comments on yen & confidence

•       Today:

–      Eurozone:  Eurogroup response to Greek proposal will be key. Also ECB non-monetary meeting to discuss emergency liquidity assistance to Greece

–      UK:  Unemployment rate for Dec & minutes from BoE Feb meeting

–      US: FOMC releases minutes of Jan meeting. Watch for comments on when they may start normalizing policy, or even just remove the word “patient” from the statement