Rallying European stocks and bonds reflect a growing belief that both the euro zone and the European Central Bank are at last taking the correct policy actions to combat the regionâ€™s debt crisis.
But it is premature to claim victory.
The financial resources remaining to deal with the crisis may be insufficient. The amounts available have not changed for almost two years, with little appetite among â€śpermanent creditorsâ€ť such as Germany for increasing commitments.
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