Action rapide is needed for Greece, says French President Sarkozy and the EU’s Barroso.
They also agree on the need to fight speculation against Greece and trumpet the need for Eurozone stability…
Hard to blame speculators when the Greek deficit figures from the year gone by keep getting revised higher…Looks like a perfectly rational reaction from the market to shun Greek debt (and the debt of other over-leveraged EU states that no longer have the ability to inflate their way out of crisis since they are euro members..) given high levels of uncertainty.
Traders report some EUR/US buying from a US investment bank in recent minutes, helping boost EUR/USD into the 1.3340s. Offers are seen at 1.3350 with more toward 1.3390/00, as usual.
