Word: europeanate
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...That show of decisive European unity was all the more important in the wake of Saturday's G7 meeting in Washington, where leaders said government intervention would be taken in all the world's major economies to prevent major banking failures and loosen frozen credit. It all proved enough for markets to take heart again, at least for now. By mid-morning, London's FTSE 100 was up 6%, Paris' CAC 40 rose 6.68%, and Frankfurt's DAX jumped 6.25% - a remarkable turn-around from last week's battering that ended Friday with losses of 7% to nearly 9%. Most...
...short answer many European economists give is that it ought to. There are few reasons, they say, why markets shouldn't return to a situation somewhere closer to normal - though they add there was little in macro-terms to justify their bearish frenzy last week. But following Sunday evening's agreement by the 15 leaders of euro-zone countries to accept collective rules to underwrite loans between banks and inject new capital into those facing serious trouble, hope is now rising that the situation in Europe may stabilize. Indeed, euro-group leaders used the most encouraging language they could muster...
...want to tell our compatriots in all the countries of Europe that they can and should have confidence," declared French President Nicolas Sarkozy, who hosted the meeting since France now holds the rotating presidency of the European Union. European Central Bank President Jean-Claude Trichet echoed a nearly identical message of assurance. "The force of unity that we showed today," Trichet said, "is a fundamental element of confidence...
...fillip of hope was exactly what leaders attending the euro group summit had hoped to inspire, but they were careful to note it was only a beginning. European Commission President José Manuel Barroso, for example, stressed the collective package "isn't of an immediate miracle", and many more trials and jittery nerves would have to be overcome before the nightmare of the past months would be over. Still, the mere framework of a strategy proved sufficient to calm the fear that that drove last week's panic-driven sell...
...huge dollar holdings. Besides, China is still earning billions a day through its exports and "has to do something with the money," says one senior Beijing economist who asked not to be named. He and others note that a sudden move into the euro is highly unlikely with European economies looking weak and exchange rate losses threatening...