CNBC: G7 discussed “options”

The US tells CNBC that the G7 discussed various options on quelling the Greek contagion hampering the markets but that there was no immediate course of action set out.

Geithner is said to have warned Europe weeks ago that they needed to employ a shock and awe strategy and surprise the market with the strength of their bailout. That opportunity was missed.

Stocks have turned sharply lower again, dragging EUR/JPY lower. We’re flirting with the 1.2650 level where the BIS bought earlier.