Will Europe Eventually Sink Stocks and Boost Gold?
Wall Street expressed relieved that Europe’s central bank agreed to release 10 billion euros ($13 billion) of emergency rescue funds for Cyprus. In exchange, Cyprus agreed to shrink its banking industry, cut its budget, implement economic reforms and privatize some state assets. Although the measures are expected to result in heavy losses for Cyprus’ bondholders and large depositors, Wall Street was just glad to dodge another bullet.
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