EUR/USD pops to 1.2710 on the headline.

  • US contribution depends on EU progress, according to a German government source (wishful thinking)

You can throw as much money at the IMF as you want but it won’t make a damn bit of difference. The results speak for themselves.

Typically the IMF forces a restructuring of the outstanding debt and a devaluation of the currency. Those prescriptions are off the table, making recovery very difficult to attain.

The rumor itself sounds like a very self-serving wish from an unnamed German…A load of old bollocks, as Gerry would say.