German lawmakers’ approval of an expansion of the euro-area rescue fund’s firepower handed Chancellor Angela Merkel a victory that paves the way for additional steps to stem the European debt crisis.
The next moves may include leveraging the €440 billion European Financial Stability Facility, said
Holger Schmieding, chief economist at Joh. Berenberg Gossler & Co. in London. In addition, there may be “an orderly Greek default later this year, with a haircut...
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