Ten of 15 Countries Pony Up for Greece

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Greece received an estimated 14.5 bln euros earlier today and this ensures it will be able to service the debt that comes due tomorrow. There apparently had been some jitters ahead of the event and with today's transfer, Greek bonds staged the biggest rally in several days.

Currency in Crisis

However, what is noteworthy is that there are 16 countries that share the euro. One country was the recipient of the aid, that leaves 15 countries, but only ten countries came through. Although Wellink, Weber and Stark reportedly objected to the Stabilization Mechanism, their respective countries did pony up money for Greece.

One could suspect that other countries engaged in fiscal challenges of their own would abstain. However, Portugal, Spain and Italy participated.

The five countries that apparently did not participate in today's transfer includes, Ireland, Belgium, Finland, Slovenia, and Slovakia. It is too early to draw any hard implications from this list. It is something, however, that investors will want to monitor another potential fissure line within EMU.

Meanwhile, into the European close, the euro has surrendered all of its earlier gains. It appears the day traders who may have gotten long today or covered shorts in anticipation of a bounce, do not have much conviction and this speak to the fragility of the euro's tone. Initial support in the North American afternoon may be found near $1.2350. The $1.2445-$1.2455 area needs to be overcome to give the euro better traction. The euro's 5-day moving average is at the upper end of that band and the single currency has not closed above that short-term average this month.