European morning wrap: Just like last Monday

Germany's ForMin Westerwelle:  Says Germany is ready to discuss time frame with Greece German govt officials:  Say Foreign Minister's comment on giving Greece more time isn't agreed German government position Slovak PM Fico: Giving Greece more time to deliver on commitments seems to be the solution Independent audit of Spain's banking sector may show a capital requirement of as much as 150 bln euros - El Confidencial Greek New Democracy leader Samaras to meet Pasok leader Venizelos at 15:00 GMT - Party source Spanish 10 year govt bond yield back up around 7% Greece will have to leave EMU whoever is elected - AEP at The Telegraph Last Monday the euro came under pressure after the announcement of the 100 bln euros Spanish bank bailout failed to provide durable  support. This morning New Democracy's victory in Sunday's Greek election failed to provide durable support. EUR/USD down at 1.2650 from early 1.2700, having been as low as 1.2619 after sell stops through 1.2640 were tripped.   Hedge funds, unsurprisingly,  have been notable sellers.  Spanish govt bond yields spiked higher early giving the euro bears the upperhand, and the single currency losses accelerated as European stocks gave up decent early gains. USD/JPY effectively unchanged around 79.15. Cable marginally lower at 1.5675 from early 1.5700, underminned by deteriorating risk appetite.