Markets steady as ECOFIN meet

16/09/11 19:57 CET

economy

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As the markets open the focus is on a meeting later on Friday between U.S.Treasury Secretary Timothy Geithner and European finance

ministers, on the possibility of leveraging the euro zone’s bailout fund to resolve the debt crisis.

The hope is the meeting will yield a more decisive result that will stave off a Greek default though many are still pessimistic despite strong words from the Eurogroup of ministers.

“We are committed to a strong and coordinated international response to these challenges. We are taking strong actions to maintain financial stability, restore confidence and support growth,” said Jean Claude Junker the President of Eurogroup.

There is scope for disappointment though. The Euro slipped 0.5 percent against the dollar off a one week peak hit on Thursday but well above the seven month trough it sank to on Monday.

London remained positive the FTSE nosed higher. Gains were led by banks as Credit Suisse, ING and Societe Generale jumped more than four per cent.

More about: European markets, Greece

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