ECB's de Guindos: Better if EU aid is distributed via grants rather than loans

For countries with a weaker fiscal position like Spain, Italy and Greece, it would be better if the European Union aid is distributed via grants rather than loans, European Central Bank Vice President Luis de Guindos argued on Wednesday.

Market reaction

The EUR/USD pair little to no mind to this comment. After slumping to a 1.1226 earlier in the session, the pair staged a recovery and seems to have gone into a consolidation phase near 1.1250.

Meanwhile, the market mood remains upbeat on Wednesday with the Euro Stoxx 50 gaining 0.9% on the day at 3,272 points. Additionally, Germany's DAX 30 and the UK's FTSE indexes are up 0.55% and 0.6%, respectively.