After 11 hours of negotiating behind closed doors, eurozone leaders emerged in the wee hours of the morning on October 28th to announce that they had agreed a series of principles.
The markets rebounded later that day as everyone breathed a collective sigh of relief that at least the EU summit hadn’t ended the same way an Italian parliamentary meeting had earlier that day, in a fist fight. EU leaders found agreement on Greece, bank recapitalizations and a leveraged EFSF as I expected.
As investors and analysts begin to dig into the details of the communiqué, a number of gaps will emerge in the plan, indicating it is nothing close to the “comprehensive solution” to the crisis originally promised.
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