Monday, 31 October 2011 updated to June 2012
Last October we ran a mission into Europe. This was a crucial time as European Union leaders were about to hold a key summit to deal with the ongoing debt crisis.
The week leading up to the summit the negative headlines continued, yet the stock markets across Europe rose each day, resulting in the highest market gains in 11 months.
The summit was also very fruitful, a way forward was presented, including: a hair-cut for Greek debt, a €1 trillion bail-out fund, and a deal to re-capitalise the banks.
However, within days of the mantle leaving Europe the optimism evaporated and the deal struck seemed to fall apart as Greece called for a referendum, and investors backed off from contributing to the bailout fund. One partner watching the news, and unaware that the Europe mission had ended and the mantle had returned to America said, “I knew DP was out of Europe, it all just fell apart suddenly, and the hope left.”
Since then, we have seen a change of government in France, Spain closer to financial ruin, and threats of a breakdown in the pact made during Sarkosy’s Presidency with member nations over the fiscal pact.
However, now the mantle is back in Europe, decisions have been made to enable financial support to Spain, and Greece is continuing to work through her financial difficulties, with the new French president working with EU member nations for a way through the debt crisis.
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Video link to cartoon: general financial explanation of debt crisis