Euro Seen Surviving Spain Pain-Barrons Credit Suisse

I believe that Credit Suisse put out a credible plan on how Spain and Italy’s funding costs could be drastically reduced in the near term through leveraging the European Stability Mechanism (ESM).  While it certainly seems like we are getting closer the point where we need to find a firm resolution, history has told us that the European policymakers wait until the last possible minute to take action resulting in considerable collateral damage.  The longer this crisis drags on the greater the ultimate costs will be.

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