Interesting piece in Reuters on Geithner's trip to Europe. In it, the inference is there is action coming out of Europe but it won't be immediate. If so, that could splash some water on those expecting a bazooka tomorrow morning from the ECB. We'll see.
- Geithner said Schaeuble and Draghi had walked him through plans they were putting in place to try to solve the crisis, but he cautioned against expecting immediate action. "What you know, from what Europe has said, that they are committed to doing what's necessary to hold the Europe Union together," said Geithner. "I absolutely believe they have the means to do it."
- Central bank sources have told Reuters that intervention could be at least five weeks away because Drag's comments had not been agreed in advance with the Governing Council, and other elements must first fall into place.
- The sources said the ECB could revive its mothballed sovereign bond-buying program in conjunction with the euro zone's rescue funds, but Spain would first have to request assistance, which it has so far resisted.
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