Spreadex Market Update
Markets bounce after yesterday's sell-off
President of the European Council Herman Van Rompuy cushioned the blow of the eurobond refusal as he outlined plans to create a cross-border deposit insurance scheme to support the banking system which is being interpreted as a positive move by the markets.
Merkel’s comments haven’t really reassured investors or spread betters as her rhetoric was just a reiteration of Greece needing to conform to the original terms and conditions of the bailout agreement and she is refusing to compromise on all issues that could help stem the contagion.
It seems as though she is putting all her eggs in one basket and hoping the pro-austerity parties win the majority of votes in the Greek election on the 17th June.
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