Those of you who read my last blog are familiar with Pioneer’s stance on the euro crisis. While much more complex than similar issues faced by the U.S. and UK, we believe the crisis will be resolved and that it will result in a more united Europe. That said, the €100 billion loan approved by the Eurogroup to help recapitalize Spanish banks is a move in the right direction.
I’ve asked Cosimo Marasciulo, Pioneer’s Head of European Government Bonds and FX, to summarize his thoughts on the matter, which he has provided here . . .