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Benedicte Gravrand, Opalesque Geneva:

Last Friday, the German chancellor called for a deal between Greece and its creditors (the EU Commission, the ECB and the IMF) before Monday’s emergency EU summit. Greece's government made a last-minute offer on reforms. Late Sunday, a spokesman for the European Commission called the latest proposal from Greece a "good basis for progress" in talks on Monday. Meanwhile, the euro rose versus the dollar, extending last week’s gains.

"The euro is firm because of reports that Greece has made new proposals," Masafumi Yamamoto, a senior strategist at Monex Inc. in Tokyo, told Bloomberg News. "The euro’s collapse is unlikely because markets have already priced in such risks. The Greek problem isn’t shaking up Italy and Spain."

What are hedge funds doing with regards to Greece? According to recent reports, some have been profiting from the crisis since it started and believe Greece will not be lead to default, some are increasing their event driven bets, or decreasing their bearish stance, some are fighting accusations of naked short-selling Greek banking stocks, and others in Asia are shorting the euro against the yen.

"Hedge funds smarter than European l......................

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