The euro-zone debt crisis is in its most dangerous phase, with price action across asset classes indicating the growing realization that Greece's exit from the monetary union could be imminent, the Bank of Tokyo Mitsubishi-UFJ says. "There were rumors of a planned departure over the weekend 2nd/3rd June, probably fueled by finance ministries being asked about contingency plans," notes BTMUFJ, adding increased political strains among member countries also contributed to the heavy EUR selling Wednesday. BTMUFJ highlights the Bundesbank's comments that Greece was jeopardizing the continuation of international aid payments and that the consequences of a Greek exit would be "significant" but "controllable." EUR/USD trades at 1.2538.
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