xjo weekend zoomba lounge, page-127

"What was the outcome of the huge EU summit and was it good or bad? Sorry, had to keep my Question succinct as I'm in a dodgy hotel room!!"

Hi isplicer,

IMO the decision was half-baked, while some termed it as a "very good outcome" for the euro zone. Draghi told reporters: "It's going to be the basis for a fiscal compact ... for much more discipline in economic policy and it's certainly going to be helpful in the present situation,". Germany’s Merkel says, ‘I’ve achieved what I wanted to achieve”.

However, UK refused to offer support. They prefer to stay away.

Southern Europe signed up to serious austerity packages; however there was nothing to provide any relief or stimulus to generate some growth.

While the summit agreed to expansions of bailout funds (banks will need to raise more than €100 billion), the question is where those funds will come from, and whether it will be sufficient.

Anyway, this half-hearted decision was supported by share markets. Dow is 12,184. Hopefully it will hold for a little while!