“This is a carrot to Syriza to reach an agreement with the troika,” Athanasios Vamvakidis, head of G-10 foreign exchange strategy at Bank of America Merrill Lynch, said in the Bloomberg article. “The ECB will buy Greek bonds in July if there is a deal. I think it is the best Greece could hope for.”

The July deadline also corresponds with Greece’s next scheduled rapyment of debt to the central bank it already owes.

Global X FTSE Greece 20 ETF

For more information on Greece, visit our Greece category.

Max Chen contributed to this article.