EU commission president Barroso says they are doing everything they can to secure stability in the euro area. Greece’s problems were not caused by speculators but by overspending, he says.
The EU is doing very little other than ordering spending cuts by Greece. They are getting a nearly free ride, for now, but it remains to see if their luck can last forever. I suspect it cannot.
EUR/USD is rebounding on short-covering after holding Friday’s 1.3530 low. We trade now at 1.3565.
