Widespread doubt about the likelihood of resolving the debt crisis with results from the two-day European Union summit earlier this month in Brussels will continue drawing down the moneypiece, which touched its lowest point since this past January. Bond yields in Spain and Italy are flirting with the same levels that prompted bailout solicitations from Greece, Portugal and Ireland.
"Things are far from complete," global asset allocation head Fredrik Nerbrand with HSBC Holdings told Bloomberg last week. "Most of policy makers' recent debate was with regard to fiscal positions as opposed to the underlying problem, which is a lack of growth. It's kind of like a doctor trying to treat the symptoms rather than the cause."
Also damaging to the euro and the economies of nations that use it re intentions of redoubled scrutiny by credit rating services Standard & Poor's and Fitch Ratings, which is likely to ensue next year.
Thomas Mayer, chief economist with Deutsche Bank, told CNBC that whether the euro will survive the tumult of the debt crisis will become clear within the first six months of 2012.
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