Eurozone: A corner turned?

Shares in Asia and Europe have rallied on anticipation that Greece’s debt can be handled.

The FTSE All-World index is up 1.7%. “Industrial bellweather, copper” is up 2.6%.

Supposed havens such as US Treasuries are under pressure, with ten year yields up 5 basis points to 1.95%. Wall Street is expected to open up, on a 2.3% “surge” yesterday.

Gold and silver, which “took a pounding” yesterday are up. Asian markets are also up, as is the euro.

A story here covers the crisis-management plan in more detail. It talks of “once-unthinkable” proposals for fiscal (tax) union, in return for shared responsibility for debt.

Many of the comments are sceptical, suggesting that a crisis has been manufactured in order to push through a bad plan.

Whatever the outcome, and whatever its quality and duration, it seems the European experiment is about to take another bold step forward.

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