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Euro Summit Long on Rhetoric, Short on Specifics

The euro opened lower Monday morning and investors appear skeptical in the wake of the weekend Eurozone meeting to address the worsening Eurozone debt crisis. Participants agreed to lend up to 200 billion euros ($267 billion) to the International Monetary Fund and to establish the European Stability Mechanism (ESM). These monies would be made available to countries struggling to meet debt payments in an attempt to minimize the impact of an uncontrolled default situation.

“The moves by the euro zone policymakers are not a damp squib but neither are they the big bazooka hoped for that could really ease market tension for an extended period,” said Howard Archer, economist at IHS Global Insight.

Source: Reuters [1]

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Scott Boyd

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