Well it had to come, hope was fading. Special delivery via telephone from her vacation (via Bloomberg)...
- *MERKEL, HOLLANDE READY TO DO ANYTHING TO PROTECT EURO REGION
- *MERKEL, HOLLANDE: EU INSTITUTIONS, STATES MUST MEET COMMITMENTS
- *PASOK'S VENIZELOS UNDERLINED NEED TO EXTEND PROGRAM TO TROIKA
Translation (for non-European-speakers): Europe promises to talk much more. Also promises to not actually do anything as long as it takes.
- Germany, France: must implement June summit conclusions quickly. Market ramps on hope that the event that ramped it in June, is implemented
In summary, the Eurozone is committed to preserving itself. Truly breaking news which will trigger all EURUSD stop losses