Trichet mentioned that there should not be a loan subsidy only for Greece but that there should be a mechanism that protects all the Eurozone members.
Sounds like Italy has a similar idea. Foreign Minister Frattini is on the wires with a framework that would valid for all. Each country would contribute to a rescue plan in proportion to their weight in the ECB.
France, Spain, Italy and Belgium all back Barroso’s ideas on Greek aid, Frattini says. He also rules out expulsion for any Euro group member, saying ti would weaken the whole euro zone.
EUR/USD trades quietly after a busy New York morning. We trade now at 1.3550 at mid-afternoon.
