Greek stocks fell and the euro dropped on Thursday after Germany rejected a Greek plan to extend the 240 billion euro bailout for Greece. But to expect a deal this soon would be very “optimistic”, says Saxo Bank’s Head of Macro Strategy Mads Koefoed.

Any deal is far more likely to be made in the 11th hour, which is at the end of this month when the Greek bailout expires, according to Mads Koefoed.