The European debt crisis reached a boiling point last summer until European Central Bank President Mario Draghi announced that the ECB would do “whatever it takes” to save the Euro. Since then bond yields have dropped significantly in financially troubled countries like Spain and Italy. Pro-growth reform is still badly needed and while the financial crisis is not over and the majority of the Eurozone is still in a recession, it is encouraging to see lending to small and mid-sized businesses picking up in Italy. We will continue to watch carefully for more positive developments.
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