Everyone’s a bond trader all of a sudden…The German FinMin thinks the 18.85% spread between bunds and new Greek debt is too wide.

In addition, he says

  • Euro leaders have to rebuild confidence
  • Euro states must fight the causes of the debt crisis
  • Monti doing a wonderful job
  • Spain must overhaul labor markets
  • Debt must be fought in a growth-friendly way (remind me what that is again?)
  • Firewall to be around EUR 800 bln, will convince markets
  • IMF aid to be similar to last few years

EUR/USD is firming, nearing the top of the narrow US range. Stops remain in the 1.3290/95 area if 1.3280/85 offers are absorbed.

Any time you have to say you will convince markets, odds are you have not convinced markets…