Euro faces 'exit of the strong'
During the summer there were a number of developments justifying optimism about the euro's survival chances. Since late September, however, the euro area's political leaders have done all they can to dash these hopes.
October 18, 2012 / 12:21 IST
During the summer there were a number of developments justifying optimism about the euro's survival chances. Since late September, however, the euro area's political leaders have done all they can to dash these hopes.
Among the positives were the decision to enhance the European Stability Mechanism, the rescue fund for troubled nations, allowing the recapitalisation of banks directly without going through the sovereign; the German constitutional court's approval of the ESM; the emergence of a pro-European majority from the Dutch elections; and the European Central Bank unveiling its big but conditional bazooka, outright monetary operations (OMT).More News From Financial Times
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