As the Italian soccer team was beating their German counterparts in Warsaw during the semi-finals of the 2012 Eurocup, leaders of the 17-nation currency block met in Brussels to try and put an end to the sovereign debt crisis. On Friday, the leaders announced a series of measures that will create a de facto banking and fiscal union, bullish for both Italy and Spain, which also meant a great concession by Germany’s Angela Merkel. While there was no talk of Eurobonds, markets breathed a sigh of relief, sparking a risk rally across the globe.
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