Juncker says the idea of a European Monetary fund includes expulsion from the euro zone, as proposed by Germany. Juncker likes the EMF idea but does not like the exclusion idea, saying it would leave countries to the whim of the financial markets.

Greece is not on the verge of bankruptcy, Juncker says.

Also on the wires, Weber says the ECB needs to exit loose monetary policy once it is no longer needed.

EUR/USD is trading now in the 1.3530 as traders remain very nervous when prices fall below 1.3500. Once prices stop falling, they are very quick to cover.