March 17, 2012

The Calm Before Europe's Next Storm

Eric Reguly, Globe and Mail

AP Photo

The euro zone’s sovereign debt meat grinder has stopped grinding, apparently. Greece has been bailed out and its debt load has been reduced by €100-billion ($130-billion) through a bond “haircut.” Italian bond yields, a measure of its government’s borrowing costs, have plunged. The European Central Bank, through a €1-trillion liquidity injection, has injected life into zombie banks. Markets have rallied, spring has sprung and the flood of crisis summits has slowed to a trickle.

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TAGGED: Europe, Eurozone

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