It will come as no surprise that this morning’s trade has been dominated by Greece.

Today we are witnessing what is seen by some as a last minute game of chicken as EC Commissioner Junker offers a deal which is turned down by Greece only for rumours to emerge in Greek papers that the deal was in fact being considered by the Greek government.

Following the release by Greek paper eKathemerini, the German DAX rallied 200 points.

Greece are due to repay EUR 1.4 billion by 12:00pm tonight with no sign of any aid package, Bloomberg have reported a German official saying it is now too late to extend the current bailout package.

However, Greece are rumoured to be preparing a final proposal for creditors to avoid default.

The theatre could not be written. The German DAX has round tripped over 400 points and it is only 12:00 BST