European Sovereign Debt Crisis: November 2011 Update
November 14, 2011
In our last report on the European Sovereign Debt Crisis back in July, we discussed its spreading from Greece to Italy and Spain, and the short term remedies put in place to temporarily quell the unrest. As expected, the relief was short lived and we continue to move from crisis to crisis as policymakers drag their feet towards reaching a lasting solution.
With changes in leadership in both Greece and Italy on the horizon, we find ourselves at another point of extreme uncertainty. We continue to find reasons to be hopeful that a lasting solution will eventually be found. The ensuing volatility, however, will likely lead to a recession in Europe.
Progress on Policy, and Leadership?
While September’s market pull back was in large part driven by greater worries on the European situation, optimism of progress by policymakers to develop a credible plan to deal with the debt crisis soon followed.
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