A bit of a global quasi-governmental smackdown has taken place as World Bank president Zoellick says the G7 has become ineffective. That’s kind of like a snake calling a pig ugly, but there you have it.
Elsewhere, Germany says it will not guarantee all bank deposits, just savings accounts.
EUR/JPY is rebounding after a breathtaking morning plunge, testing resistance in the 137.05/15 region.
