EUR Targets: EURUSD 1m 1.35, 3m 1.30
EU commissioner Rehn said it is clear the sovereign debt crisis has worsened.
There is a need for countries to get their budgets on a sustainable path
ECB's Mersch said that that he could imagine Eurozone bonds issued jointly by the AAA credit-rated states. Nowotny said that the ECB's bond buying is temporary and the ECB would need to rethink its bond buying program if EFSF ratification is delayed. However, German Chancellor Merkel said euro bonds are 'absolutely' the wrong way forward.
The conference call between Merkel, Sarkozy and Papandreou gave no further information to the markets. In similar fashion to previous statements, all 3 leaders committed to implementing the July 21 measures as quickly as possible. Germany said that Greece needs to put 'pledges into practice' to return to growth.
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