Draghi to the Rescue

Posted by on Jul 27, 2012 in Economy | 0 comments

Yesterday, ECB head Mario Draghi unequivocally defended the Euro, saying that they will do whatever is necessary to ensure the future of the common currency. Those remarks sent stock markets around the world soaring, including here in the US. Is this simply bluster, or is Europe truly willing to spend untold billions (trillions?) to save the currency? Did he ask Angela Merkel what she thought first as Germany will likely be on the hook for a large portion of any rescues? Either way, US investors loved the news as the dollar sunk, sending the market broadly higher. We’ll take it.

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