The stock market started to roll over, albeit modestly, coincident with the euro going to the low of the day, back below 1.23 at around 11:30am. While Germany has only one vote on the ECB committee, former ECB executive board member Otmar Issing said “Germany’s guilt over the WWII doesn’t oblige it to write blank checks to euro zone countries that fail to reform their economies,” according to the WSJ. He also said it’s “not reasonable to call on the ECB to buy bonds and that its “wrong to think countries can stay in the euro zone at any price.” Who knows what influence Issing still has but the timing of his comments were similar to the further weakness in the euro.
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