IMF’s Fiscal Affairs Chief Cottarelli: Expects spreads on Irish, Portuguese, Spanish bonds to fall

Where I come from that’s called talking ones’ book.

• Risks of default in high-deficit euro zone countries overstated, markets overreacting.

EUR/USD has recovered quickly after the China rate wire mix-up, presently back up at 1.3720 having been as high as 1.3731 so far.