UPDATE: Nowotny just confirmed ECB's lack of confidence in the EU Summit and stomped on Greece's hopes for negotiation.
- *ECB'S NOWOTNY SAYS DON'T EXPECT TOO MUCH FROM EU SUMMIT
- *NOWOTNY SAYS ECB DOESN'T WANT TO CONTINUE BUYING BONDS
- *NOWOTNY SAYS ECB FAVORS EFSF BOND PURCHASES OVER BUYING ITSELF
- *NOWOTNY SAYS GREEK TALKS CAN'T START WITH WISH FOR MORE TIME
As we noted over the weekend [5], there really is only one voice on which to act in Europe (and plenty of noise that should be ignored) and that is Germany. This morning we already heard from Herr Schaeuble [6] and Herr Siebert, but Frau Merkel has just come over the top with her hope-crushing reality that (via Bloomberg):
- *SEIBERT SAYS MERKEL CONCERNED EU SEEKING 'EASY WAYS' ON CRISIS
- *MERKEL SAYS ECONOMIC GROWTH MUST BE SUSTAINABLE
- *MERKEL SAYS LIVING BEYOND MEANS LED TO EURO DEBT CRISIS
- *MERKEL SAYS SHARED EURO-AREA DEBT 'COUNTERPRODUCTIVE' NOW
- *MERKEL REJECTS JOINT EURO BONDS, JOINT EURO BILLS
- *MERKEL REJECTS JOINT DEPOSIT INSURANCE IF MEANS JOINT LIABILITY