Those soothsayers at Fitch see a low probability of a break-up of the euro but they say the crisis has revealed weaknesses in the economic and policy framework with Europe and in institutions. Those weaknesses must be addressed if the euro zone economy is to be successful.
US equities are trading firm in opening trade but are off their best levels. The S&P is up 0.9%. Also crossing the wires is news that the ECB has announced a quick tender for one-week deposits as they try and absorb huge amounts of liquidity. Banks remain reluctant to lend to one-another, leaving the ECB as lender of fist, last and only resort for many European banks.
