Daily Forex Brief | Don't panic

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Daily Forex Brief London: Wednesday 12th October 2011
Don't panic It seems that Slovakia has chosen to extend its day in the sun, its parliament having rejected the EFSF expansion in yesterday's vote and the coalition government having collapsed in the process. But there's little need to panic, not least because the euro project has a long history of bumps along the road e.g. France and the rejection of the single currency together with Ireland's initial rejection of the Lisbon Treaty. These things have a habit of working themselves out, with Slovakia set to vote again later this week. As we mentioned yesterday, it's more the point that Slovakia can't afford not to accept the EFSF increase, given it remains one of the poorer nations within the EU. In subsequent comments, German Chancellor Merkel remains certain that the EFSF increase will be passed by the October 23rd EU summit. Given the need to put together a credible bank recapitalisation plan, then the eurozone needs the Slovakia issues to be resolved this week, otherwise it will be caught in a sideshow to approve a now outdated proposal.
Also in today's Daily Forex Brief: Slovakia's finance minister issues warning Germany's misguided push on Greek write-downs Chinese inflation may have peaked Read more...
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