• All we are hearing from Greece is that Greek govt is now doing what is on the agenda
  • Fact that troika is returning to Greece indicates Athens has got (I think that should be not) taken some necessary steps
  • There are generally no taboos for thought in politics
  • Euro zone currently has no mechanism for orderly state insolvency
  • Expressing clearly to Greek authorities how serious the situation is (oh-eh, who’d have thunk it?)
  • German position in ECB will remain untarnished after Stark’s exit, committed to culture of stability
  • Confident coalition will get its own majority in Sept 29 vote on expanding powers for EFSF
  • Everyone should carefully weigh their words on euro crisis, financial markets’ volatility already high enough (you can say that again Angela!!)

EUR/USD touch easier on Merkel comments, presently at 1.3655. But nothing really new.