Amundi Asset Management

The euro sovereign debt crisis should not become systemic: the markets will focus on this theme for many months to come. Greece is unlikely to avoid debt restructuring after mid-2013, while Spanish banks are generating fears of a major risk for Spain and, due to a ricochet effect, for the euro zone as a whole. Major differences between countries having solvency problems, and countries with potential funding difficulties. EUR to remain fragile vs USD.

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