Angela Merkel says she's against a line in an EU draft document that calls for the ECB to continue with its "non-standard measures" - ie, the buying of sovereign bonds in the secondary markets.
With Wednesday fast approaching and a lot of balls still in the air, eurozone officials begin managing expectations. Reuters reports the summit is unlikely to provide concrete numbers for the crisis response or to quantify the increased firepower for the EFSF.
WASHINGTON (MarketWatch) — Europe must move “quickly and firmly” to implement any agreement to solve the euro-zone crisis, said Charles Collyns, Treasury assistant secretary for international finance, on Tuesday.
The U.K. confirms a meeting of eurozone FMs for Wednesday has been cancelled. Such a move had been hinted at earlier as the head of the group of FMs noted an agreement by then seemed unlikely.
I was hoping to see a flat day last night so didn't bother to get up early ... but look at the mess.
Congratulations to the quick profit on the bearish bets!