• Greece’s Papandreou is summoned to Cannes for a meeting with Sarkozy, Merkel, and other European officials. They hope to keep him off the ledge, and convince him that there is really no alternative to the agreed to austerity measures. From Bloomberg News.
• The FED wraps up its 2-day meeting today. Bernanke is scheduled to hold his press conference at 2:15 PM Eastern. Not much is expected, but many are looking for hints of easing through the purchase of mortgage-backed securities. From Reuters News.
• Pressure continues to build on the U.S. deficit panel to strike a deal. They have until November, 23, technically. The Congressional Budget office needs to see it sooner for vetting. There is still a large gap on any approach to raising taxes. The fear is that the increasing pressure to come up with something results in a weak proposal. From the Wall Street Journal.
• The CME, MF Global‘s chief regulatory body, confirmed that they broke rules involving customer funds. The CFTC and the FBI are also investigating the company. From the Financial Times.