Covered Sovereign Bonds

Yet Another European Council! Rescuing the Eurozone?

What is the outlook for this summit?

At the eve of what is now being unofficially billed as the summit to save the Euro, things are not looking good at all.

To put it mildly, no one is expecting miracles from this summit. It would be enough if they can avoid this being a disaster.

The political space is now much smaller and the size of the economic problem now much bigger than at the last such comprehensive summit in March 2011. Despite this, the summit will devote far too much time on a highly ambitious political integration agenda, much of which is unachievable in the near future and devote far too little time to tackling the growing economic problems, where action is urgently needed now.