The weekend’s frantic economic negotiations seem to have borne fruit. There will be more talks in Brussels tomorrow involving EU heads and finance ministers. No one is yet brave enough to say the problems have been solved.
But financial analysts are heaping praise.
Howard Wheldon,, a British financial analyst, said:
“I think the confidence level is rising; governments have come together. They are doing a similar job to sort out the problem, and it is going down well in markets. I am surpised by it. I welcome it, and I take my hat off to them in terms of the job they have done. Now of course the real work begins.”
The President of the European Commission, Jose Manuel Barroso, agrees Europe’s politicians are on the right track.
“We have created nothing less than a community package for financial recovery and future sustainability. But let me be clear: this is and remains work in progress . We see light at the end of the tunnel but we are not yet there.”
Recession remains a threat. Interest rates will probably fall. Jobs will be lost. But all parties are working to make sure that the nightmare tale of recent days has the most palatable ending possible.