Trichet is on the wires with some harsh words for Greece. He says the lack of credible statistics undermines the functioning of the EU stability pact. The Greek statistical body needs to be completely independent, he says and that Greece needs very serious fiscal rectitude and that it cannot continue on its current course.
Also crossing the wires are the results of the Treasury’s 3 year note auction. Central banks love short coupons and the $40 bln auction was a great success with a bid-to-cover ratio of 3.33 to one.
EUR/USD is dipping into the 1.4990s again after Trichet’s scolding of Greece.
