Waiting for Merkozy

December 07, 2011 12:00 am

There is an unusual calm over markets ahead of this week's EU summits, with a continuing rally in equities and peripheral spreads pointing to hopes for a positive outcome. Bankers have welcomed talk of creating a bigger rescue fund, with the EFSF running alongside the ESM with support from the IMF, saying that the proposals were not as half-hearted as previous talk of merely leveraging the EFSF.

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