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That 2012 did not see one of the Crisis Countries leave the Eurozone is almost certainly due to the Draghi Plan. The Plan was not fundamentally a game changer. But in the financial markets, perception can be everything (until it isn’t), and the average investor has decided that it was a game changer. The risk is that the pledge of the Plan only works while the market believes in the ECB’s ability to execute the Plan.
Source : AEW Europe
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