As suspected... More Central Bank Chatter

Whether rumors, fact or a little of each, there's an obvious concerted effort to try to immunize the market from an "unfavorable" Greek election result as well as try to repair some of the damage done to Spain from last weekend's Spanish Banking Bailout dud.

Around 1:00 today the ECB which has been sitting on the sidelines, is said to be considering a rate cut.

• ECB MAJORITY SAID TO OVERCOME CONCERN ON CUTTING DEPOSIT RATE.
• ECB POLICY MAKERS HAVE OVERCOME A KEY CONCERN ABOUT TAKING THE BECHMARK RATE BELOW 1%

Additionally...

More from Bloomberg:

• Likelihood that such a move would also involve cutting rate the ECB pays banks on overnight deposits from 0.25% is no longer an obstacle for a majority of Governing Council
• NOTE: Deposit rate traditionally moves in tandem with benchmark; policy makers have been reluctant to take it to zero out of concern it would discourage interbank lending

• A rate cut isn’t certain, the officials said
• ECB spokeswoman declines to comment

If it isn't obvious already, the EU is scared to death of the Greek election results.