At the G20, Mario Monti got support from Francois Hollande and Mariano Rajoy over a proposal to get the ESM/EFSF to purchase bonds on the secondary market; proposal will be discussed at this week's summit in Rome of the leaders of the largest eurozone countries; Barrack Obama said the Europeans have finally got the message that they have to do more; German papers reports that there is much opposition to further EFSF/ESM bond purchases in Germany; Merkel reiterated her opposition to a common bank deposit insurance scheme; a US official is quoted as saying the eurozone had agreed to relax austerity and stimulate the economy right away; Oxfam complains that the eurozone agenda has hijacked the summit, and precluded concrete action on issues such food security; more economic analysts are concluding that only a massive extension of the ECB's balance sheet can avoid disaster; Spain had a bad bond auction, with yields on a 12-month treasury bond of over 5%; Spain will test the market again tomorrow with several bond auctions; El Pais reports that the external consultants will present a recapitalisation requirement of €75bn in their adverse scenario; Spanish bankers already complained that the requirements are too onerous as they overestimate the degree of property-related write-offs; hedge fund managers are betting against German bunds; the German constitutional court strengthens the right of the Bundestag in all future government negotiations of the EU and inter-governmental treaties; there was no agreement on a coalition in Greece as Pasok and the Democratic Left are uncertain whether to dispatch senior members to government posts; Antonis Samaras favours Vassilis Rapanos, the president of National Bank, as finance minister; Evangelos Venizelos wants to replace the troika with a quarterly dispatch of a Greek delegation to Brussels; the European Parliament relaxes its position on rating agencies; we have an example of an extraordinary illiterate comment that reflects the status of the German debate; Martin Wolf, meanwhile, says the eurozone crisis will either end in tragedy or descend into a soap opera.