SCOREBOARD: European void

Mixed news from Europe brought no hope to markets, while a global bank probe further dampened sentiment.

It was a big night for Europe. The EU summit kicked off and just before the games began, Germany’s finance minister came out and said that Germany may support some form of jointly guaranteed bond but that "we have to be sure that a common fiscal policy would be irreversible and well co-ordinated. There will be no jointly guaranteed bonds without a common fiscal policy.” This is a position that Angela Merkel has articulated as well, so the Germans have made it pretty clear. You want us to bail you out? We need some guarantees we’re not going to be called upon to do this ad nauseam. Fair enough and we’ll see what happens. The good news is that there is something to negotiate. Indeed, Germany indicated they may support further short-term measures to get Spain and Italy’s borrowing cost down – using the ESM and EFSF for the purpose.

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