• Expect no decisions on Greece at EU summit
  • Greece hasn’t asked for aid, it isn’t needed now, could only be last resort
  • Can’t confirm there is any accord between Germany and France on IMF aid for Greece
  • There is more support in EU for IMF involvement than before
  • German position is IMF should make substantial contribution to any Greek aid
  • Greece should regain credibility on financial markets through savings measures

EUR/USD presently at 1.3348 having posted new session low of 1.3341.