Daily: Europe moving from smaller bailouts plus austerity to bigger bailouts plus austerity lite

Daily commentary

Germany, Spain, Italy and France have met to hammer out a unified front ahead of the upcoming European summit and Spanish bailout. This is likely a fleshed out version of the G-20 plan that Barack Obama was privy to. Their answer is the 120 billion euro stimulus package that Francois Hollande has been pushing plus a likely relaxation in targets, what I am calling austerity lite. Meanwhile the ECB has decided to kick the ratings agencies out of the equation by deciding interna...


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