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Wednesday 19.02.2020 | Name days: Zane, Zuzanna

EU summit gives a positive impulse for markets

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The equity market concluded last week on a positive note thanks to positive news from the EU summit in Brussels, which became a good reason for the growth of global fund indexes and prices for Brent oil.

Participant of the EU summit in Brussels managed to reach a compromise in the question about allocating financial aid for problematic banks of the Eurozone. After 13-hour long negotiations they agreed that money for saving banks will be allocated from the common European stabilization fund.

One of the important agreements is that these amounts will not be added to the official debts of specific countries.

Furthermore, from now on, all activities of banks of the Eurozone will now be controlled by a special supervisory institution, BBC writes.

Meanwhile, German Chancellor Angela Merkel underlined that financial aid will still be allocated only under the condition that problematic countries are ready to carry out serious reforms.

The German Chancellor Angela Merkel is dubbed Frau Nein – an unshakable leader of Germany, who does not want to risk money of her taxpayers to protect Euro.

After the tense night in Brussels she went to considerable concessions.

Italians and Spaniards – not without the help from the French – drove her into a corner. They warned that they can no longer put up with high interest rates for loans.

Italy and Spain were not ready to leave Brussels without clear measures for the reduction of their expenses on loans. They also threatened to delay the adoption of the economic growth pact.

«Our approach remains the same: aid, compromise, condition and control. I believe that we have done something important, while remaining true to our philosophy – help is only possible in exchange for a compromise,»- Merkel told journalists in Brussels.

Ref: 104.109.109.2340


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