Photo: ericskiff on Flickr
The market is rendering a pretty disastrous verdict on that Merkel and Sarkozy verdict.Major indices are off around 2%.
The NASDAQ is off 2.2%.
The Dow is off 181.
On the one hand, there wasn’t any huge surprises in the press conference. Nobody paying attention could have expected a serious call for Eurobonds.
But the fact that they seemed nonchalant about the crisis, and confident that the existing bailout mechanisms were enough to solve things only emphasises the extent of the problem is not appreciated yet. And that’s worrisome, for sure.
A full roundup of what was said is here.