What European crisis? With skepticism over the European Union summit reaching new highs earlier in the week, leaders seemed to finally come together in Brussels and make meaningful progress toward a stable economic future. Officials agreed to let the European Stability Mechanism directly recapitalize banks in Spain and Italy rather than provide money through each country’s government. These bailout funds will not be prioritized over existing debt, alleviating bondholders’ concerns, and sending yields on Spanish and Italian debt sharply down to provide some needed short-term relief. With low expectations for the summit, the positive news came as a sweet surprise, but the Euro debt crisis is far from over.
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