Following the almost total lack of movement on the ECB 'savior' rumors, now we have IMF 'pain' rumors:
- IMF WANTS EURO ZONE TO CUT GREEK DEBT BY 20 PCT OF GDP UP FRONT, COMMIT TO FURTHER REDUCTION LATER - Source
- *IMF MAY WANT 40B EURO CUT IN GREEK DEBT, MORE LATER: REUTERS
EURUSD is just coiling and coiling here - but of the two rumors, t's EUR40bn write-down makes the most sense in a rational world of trying to help Greece (and therefore must be discounted as 100% not what will happen). We can only imagine that the EU tactic is now to throw each strawman to the rumor-mill to see what reaction is generated by the market - so far - #FAIL.