Reuters reports that ECB executive board member Lorenzo Bini-Smaghi says that the euro is solid and has sheltered members from crisis. He has no concern for Euro area savings, he says.
The euro has both shielded Greece, Spain Portugal, et al from crisis but it has also dragged Germany and France into a crisis they may have otherwise avoided, it should be noted.
In a masterfully understated comment, Bini-Smaghi went on to say the EU needs to be stricter in the future on public finances.
Also crossing the wires is news that an IMF staff member is in Athens this week at the request of the EU commission and at the invitation of Greek authorities. The staff member is there to assist the EU team, Reuters reports.
If you think Germany doesn’t want to bailout Greece, you can bet the IMF”s biggest contributor, the US, has even less interest in a Greek bailout…
EUR/USD is steady at 1.3600.
