MOSCOW (AP) — World stocks fell Monday amid concern that a critical European summit later this week will not yield a deal that might restore confidence in the future of the 17-country euro currency.
Various summits and official meetings, including the G-20 meeting, have failed to deliver," said Mitul Kotecha, strategist at Credit Agricole CIB, so "markets are likely to remain relatively range bound ahead of the summit.
[...] giving Greece more time to make budget cuts could mean giving it more money to finance its debt.
Hopes for progress on Greece's situation were shaken this weekend by the hospitalization of the new Greek prime minister and finance minister, which means they are going to miss the summit.
"The fact that Greece's newly elected PM and Finance Minister will miss the EU summit due to medical treatment ensures that at least one of the far too numerous issues will not be progressed," Marc Ostwald, analyst at Monument Securities, wrote in a note to clients.
If fiscal integration is delayed significantly, as Germany would like, market confidence in Spain could fall further, eventually pushing it to take foreign aid.
Various summits and official meetings, including the G-20 meeting, have failed to deliver," said Mitul Kotecha, strategist at Credit Agricole CIB, so "markets are likely to remain relatively range bound ahead of the summit.
[...] giving Greece more time to make budget cuts could mean giving it more money to finance its debt.
Hopes for progress on Greece's situation were shaken this weekend by the hospitalization of the new Greek prime minister and finance minister, which means they are going to miss the summit.
"The fact that Greece's newly elected PM and Finance Minister will miss the EU summit due to medical treatment ensures that at least one of the far too numerous issues will not be progressed," Marc Ostwald, analyst at Monument Securities, wrote in a note to clients.
If fiscal integration is delayed significantly, as Germany would like, market confidence in Spain could fall further, eventually pushing it to take foreign aid.
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