Financial Times
September 27, 2011
The market is behaving like a new religious convert. Previously convinced the end is nigh, it is now treating every word from European officials and politicians as revealed truth, without a jot of evidence that the eurozone’s underlying conflicts have been solved.
The new-found faith has seen some extraordinary moves. Shares in Société Générale have jumped more than a third in three days, rising 16.8 per cent on Tuesday alone. The price of silver rose 24 per cent in a little over 24 hours. More broadly, European equities and bank stocks both had their best day since the first Greek bail-out in May 2010.
Yet there are scant signs of progress on the second Greek bail-out, while the associated expansion of the eurozone rescue fund is still to be signed off by Europe’s parliaments.
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