Guess 200 dma will hold after initial noise. Greece will brake away from euro like California from USA. In Greece too many interested in filling their pockets with EU money and EU will want to avoid domino effect at any price. So something will be worked out behind the scenes and we will only get to see the smokescreen. GL GT
empoli (Italy) ab 18:48:21 GMT - 01/17/2010
Thks Peter for ur reply, yes mr Trichet's answer to ur question during conf press were asa usual very "diplomatic". Think anyway Greece situation far from being solved and this cud be dangerous for Euro. What s ur idea abt the test of the 200 dma level which, till now, pushed away our coin from fall again? will it resist once more or do it capitulate opening a new scenario in Eur Usd? (mean 1,35-1,40 area)
tia for ur kind reply (im squared now waiting for fe open tonite after being short on fiday and having took profits but wud like to sell again...)
Munich peter 18:37:35 GMT - 01/17/2010
ab Empoli, don't worry. Now that it is established that Merkel won't resign, dollarbulls are bringing the Greece theme back in.
Note Trichet's reply hereunder.
Transcript of the questions asked and the answers given by Jean-Claude Trichet, President of the ECB, and Lucas Papademos, Vice-President of the ECB
Question: How concerned are you at the ECB about the deterioration of some sovereign debt situations, most notably, but not exclusively, in Greece?
And my second question, I almost hesitate to ask, but many American and English bank market watchers keep putting this across to us: how realistic do you see this talk about Greece or possibly other countries either being pushed out of, or leaving, the euro? As I said, it has been put to us time and time again. It sounds very unrealistic, but how do you view this?
Trichet: Let me take your second question first. I do not comment myself on absurd hypotheses, so that would be my response. That being said, there is a lot of hard work to do, and you can see the extent to which the Governing Council has been stressing the necessity to have appropriate measures and appropriate implementation of the measures as regards fiscal policy. This is key for all countries. Our message is for all members of the euro area. It is very important for those of them which have a special deterioration to redress the situation in taking the appropriate bold and courageous measures for their own prosperity and recovery. We trust that this is essential to improve confidence, and you know the extent to which we consider that confidence is key in the present economic situation in Europe as well as in the world.
ote Trichet's reply hereunder.
empoli (Italy) ab 18:21:10 GMT - 01/17/2010
hi PAR where did u hear it? is it on some newspaper came out in the w/e in Europe? as in this case believe Euro wud be fired at opening later. tia for reply
PAR18:00:19 GMT - 01/17/2010
ECB prepares legal ground for euro rupture as Greek crisis escalates
Fears of a euro break-up have reached the point where the European Central Bank feels compelled to issue a legal analysis of what would happen if a country tried to leave monetary union.
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