http://www.spiegel.de/international/europe/merkel-makes-concessions-at-eu-summit-a-841663.html
TO SEE: 12 Fotos.
It finally happened.
Late into the early morning of the 19th sovereign debt crisis summit...Chancellor Angela Merkel buckled...as leaders from the 17 eurozone nations met.
With ally French President Sarkozy vanquished and absent...Merkel relented and gave in to growth pressures...and austerity limits from the 'Club Med Triad'...Italy's PM 'Super' Mario Monti, Spain's PM Mariano Rajoy and French President Francois Hollande.
They reportedly ganged-up on Merkel and threatened to stop all progress...unless Spain was thrown a lifeline and the preferred creditor status on its money was trashed.
Merkel made the concessions just days after saying she probably wouldn't see eurobonds in her lifetime.
Bail-out funds can now be funneled directly to struggling banks...and not added to sovereign' exploding debt.
The markets reacted vigorously...and positively.
Spain's 10-year bond eased by 0.45 to 6.45%...and Italy's dropped by 0.22 to 5.87%.
Both had been flirting with the untenable 7.00% rate.
The ECB's Mario Draghi said he was 'very pleased' with the results.
Yet...details are sketchy!
And...many analysts say this is only a short term fix...to take pressure off the eurozone.
Ominously...Angela's parliament must vote on the measures.
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