Citigroup outlook on markets

Mohammed Apabhai, Citigroup said that, "The EU Summit on Friday managed to deliver a 26-1 agreement on fiscal changes but failed to deliver the 'big bazooka' that markets had been looking for. The lack of unanimous agreement means that current European institutions might not be able to be used to enforce changes. This might prevent the ECB from buying bonds. We will watch S&P to see if it downgrades European countries."