Markets are starting to step in the right direction, with the European Financial Stability Facility (EFSF) increasing from $600 billion to $1.4 trillion, a significant move to strengthen the safety net in place for Europe`s most troubled countries.
It is likely China and the IMF will contribute to the bailout fund, with Greece alone receiving $180 billion in fresh aid. The remainder of Greece`s obligations were halved in the process, with private bondholders of Greek debt settling at 50% -- allowing banks to recapitalize at a healthy 9% reserve and bring Greece`s debt burden down to 120% of GDP by 2020.
An important consideration is political commitment to this road map and probability of ongoing support for European Central Bank (ECB)`s recent deal. Currently the global community appears to be on point with ECB`s initiative, an outlook that should be sufficient to support markets around current levels.
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