In a complete betrayal of their campaign promises to voters, Syriza Finance Minister Yanis Varoufakis agreed in principle to an extension of the current bailout terms with minor changes to the phrasing of the conditions. The last minute deal was struck just before the negotiation deadline while leaving Greece in exactly the same position it started at. While Greece has until the end of the day to submit its reform proposals to the Eurogroup, this stunning turn of events is unlikely to be met with optimism at home as party members and voters rebel against the latest measures. The latest deal is unlikely to change the status quo or the inevitable default facing the Greeks. EURUSD soared on the agreement, rallying nearly 150 pips before pulling back, erasing half the move.