A real big step was taken by the European Union Monday en route for structuring a strong financial firewall to prevent the spread of fiscal infectivity to major economies like Spain. The move came after Germany dropped its opposition to bringing the Continent’s total bailout capacity to more than 690 billion Euros.
The eurozone debt restructuring drops concern as a surprising rise in the Asian stocks has helped overshadow worries on the lack of progress. The healthy U.S. jobs data has also strengthened investor risk craving, weakening euro against most of its 16 major peers as eurozone leaders worked on a funding agreement and pushing Asian stocks high up on the list.
Asian stocks climbed up for a second day as Australian building permits beat estimates and U.S. consumer credit supplementing to signs the global economy is weathering Europe’s debt crisis. The South Korean won saw the highest rise in three weeks pointing out that Eurozone leaders are working hard to tackle the debt crisis.