Misstatement of the EU Deal

Wall Street Week Ahead: Can EU deal lift stocks for more than a day? | Reuters.

Angela Moon writes,

Stocks finished the first half of the year with a bang as investors welcomed news that the euro zone is a step closer to solving its 30-month-long debt crisis.

The euro zone is not a step closer to solving the debt crisis. The results of this summit were basically the same as other summits. The Euros have made some vague promises, but there are not enough details to state whether or not they are a step closer to solving the problem.

Remember, the problem is slow growth and huge internal trade imbalances within the Eurozone. The insolvent banks and governments are merely symptoms of the disease.

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