Eurogroup head Juncker encourages the EU executive to warn EU members that are not in line with EU economic policies. Is this an oblique warning to Germany to get on board the bailout train with most of the rest of the EU? Sounds like it to me.
Greek problems stem from a loss of competitiveness since joining the euro, Juncker says, adding he is impressed by the measures Greece has taken. In normal times, they would have reassured markets. Greece will not be abandoned by the euro zone and is a credible partner, Juncker says.
UPDATE: The instrument fore Greece may be organized in a European system of bilateral aid, Juncker says. He says he is not in favor of the Greece turning to the IMF. He welcomes a mix of IMF/EU aid.
EUR/USD has bounced back above the 1.3500 level as US equities turn positive. the S&P is now up nearly 4 points.
