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Saturday, December 10, 2011

EU Summit Message for World Market on 9th December 2011

Finally Europe is again prepared for Austerity plans also keep eye on fiscal deficit exceeds 3%. Also Europe Summit is planning to give additional 200 billion euros to the International Monetary Find (IMF) to lend to distressed European sovereigns.

Euro zone is also planning to have a kitty of 500 billion euro to save their distress banks.

As per IMF chief , Euro leaders also planning to have 3 point agenda.

No. 1 Consolidate the fiscal union
No. 2 Accelerate the European Stability Mechanism (ESM)
No. 3 Add to the resources of the IMF by an amount of USD 270 billion

All above steps definitely a good step in saving Euro zone for a while. But is it really enough to save completely. Then Answer is No. because Euro debt is so big that it will take several years to sort out and a big time for austerity plan.

Definitely equity market may take a swing for few percentage but let see how long it will hold.