Scaling the Summit; Europe's Sovereign-debt Crisis  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8763 (Dec. 2011), page 71-72.
Topik: International Relations; Investors; Government Bonds; Politics; Economic Policy
Fulltext: Scaling the Summit.pdf (43.81KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.69 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Second marriages supposedly represent the triumph of hope over experience. Similarly, in the lead-up to every EU summit, investors become optimistic that this time--finally--leaders will manufacture a solution to the debt crisis. So it was with the latest summit on December 8th and 9th, due to take place after The Economist went to press. Beforehand, Angela Merkel, Germany's chancellor, and Nicolas Sarkozy, the French president, had thrashed out a deal which promises future restrictions on the ability of euro-zone countries to run large fiscal deficits. The hope was that this would be enough to persuade the European Central Bank to open its wallet and buy more government bonds. The leaders also agreed to bring forward to next year the creation of the European Stability Mechanism (ESM), a fund designed to bail out ailing countries--reducing the risk that the likes of Italy and Spain would struggle to refinance maturing debts. The markets were also boosted by a promise that, unlike the Greek deal, future bail-outs would not require a write-off for private-sector creditors. Italian and Spanish bond yields fell sharply.

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