The euro halted a two-day gain and stocks fell, with Chinese equities entering a bear market, amid concern Europe’s indebted nations will struggle to cut deficits even after an almost $1 trillion emergency loan package.To paraphrase the Boss, "you can ignore economics, but economics will not ignore you".
“The euphoria of 24 hours ago has passed,” Derek Halpenny, European head of global currency research at Bank of Tokyo Mitsubishi UFJ Ltd. in London, wrote in a report today. “We are in little doubt that steps taken will offer the euro little support and the aid package does not change the fact that Spain and Portugal in particular will still have to undergo further painful austerity measures.”
Yeah right.........
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