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There’s an EU summit later this week, and the pressure is intense.George Soros is out saying that if Europe doesn’t solve anything this week, it could be fatal.
Others aren’t putting things in quite so stark terms, but are certainly getting at the same idea.
Here’s Nomura’s Andy Chaytor on the week ahead:
More generally, investors are focusing on the summit at the end of the week. These days markets always seem to be waiting to see how something will turn out. Whether that is a US data release, a Greek election, an independent audit or a summit, as soon as one event gets cleared the market immediately looks to another future event that should finally add ‘clarity’, and invariably it doesn’t. European policymakers seem to have adopted this ‘muddle-through’ policy as their response to the crisis. Whether one has a more optimistic or pessimistic view of the near-term performance of asset markets, we think the muddling-through strategy is nearing its sell-by date. We hope European policymakers understand this as they prepare for their summit. Otherwise next week could prove very difficult.
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