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Market Talk: Greek Finance Minister Says Separation From EU May Be Considered, Greek Gov’t Categorically Denies

Zero Hedge [1]
Wednesday, May 19, 2010

Update: Greek government spokesperson categorically denies talk that Greece would consider leaving EU and Eurozone as reported by RanSquawk.

Market talk for now. With the ECB holding the bulk of Greek debt now courtesy of shadow monetization of Greek debt held by French, German and Italian banks, and the imminent default of Greece the second it leaves the eurozone, this should be a massively EUR negative development, as forexlive points out. Which is why we are rather confused by the straight up kneejerk reaction in the EURUSD.