Merkel: Know what we have to do if Euro zone as a whole under threat

Germany’s Merkel says we know what we have to do if the euro zone as a whole is under threat.

It looks like it is headed that way, so they’d better know what to do. Greece is in a debt spiral; as it cuts spending, GDP will contract and higher interest rates will make it impossible to service its debt. It can’t devalue it’s currency to boost competitiveness, leaving it with few options. Ugly…

EUR/USD is easing from 1.3469 highs, now at 1.3548.