EUR/USD
Germany and France took the initiative to make certain alterations to the EU Treaty and introduce automatic penalties for violation of budgetary discipline. The positive effect of this will consist in the earlier supply of the states in need of bailout with money. In his speech Sarkozy tried to convince the public that France and Germany would pay out their debts in full. We heard the same from Greece less than two years ago, but now even the Bank of England estimates the probability of debt restructuring in Greece at 100%. S&P, the most daring rating agency, announced that if there more…