Ireland is the biggest winner from last European summit

Last week's newsletter focused on Monti and Rajoy forcing Europe into true EuroTARP as the chief headline coming out of the latest European summit. A lot of other commentary focused on the agreement to let the ESM/EFSF buy up sovereign bonds. But I don't think this is significant because the EU bailout funds are still too small to deal with either Spain or Italy. On the other hand, for Spain and Ireland, the potential of getting away from contingent domestic banking sector liabilities is meaning...


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