The eurozone debt crisis has dragged on for months now and EU leaders appear no closer to reaching a long-term solution. Caxton FX has been looking at the issue and backs the introduction of a common eurozone bond as the best path to addressing the region’s debt problem.
Richard Driver, analyst for Caxton FX, said: “Bond yields throughout the eurozone periphery are rising quite aggressively and now, even more alarmingly, so are those in many of the core eurozone states. Italian debt yields hit the much-feared 7% mark recently and Spanish debt almost did the same this week, which has heightened nerves to the extreme. In our eyes, a common eurozone bond seems the only way to get bond yields under control, allowing struggling EU nations to borrow cheaply and improve their fiscal situation.”
Germany, however, remains reluctant, added Driver: “Angela Merkel has made it clear she is unwilling to back the eurozone bond idea, primarily because it would raise Germany’s borrowing costs, as well as providing a safety net that could result in further fiscal irresponsibility from the eurozone’s peripheral states.”
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