Wall Street Journal
October 26, 2011
Global investors, having spent months watching the collapse of European bond prices, say it will take a strong display of financial might and cross-national resolve from the region's leaders on Wednesday to coax them back into the market.
"It's very hard to imagine that tomorrow is a complete fix but it can be an important step to turning the situation around," said Sara Zervos, portfolio manager of the International Bond Fund at Oppenheimer Funds.
Wednesday's meeting marks yet another high-stakes moment in the European debt crisis, a slow-moving panic that started amid concern about highly indebted countries such as Greece, then spread to large European economies like Italy and Spain. It now threatens to infect systemically important banks that loaded up on the bonds, which have been quickly losing value.
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