The Eurozone leaders are releasing a statement on their agreements after marathon talks on Thursday and so far the market looks underwhelmed. First, the treaty will be for the Eurozone alone, with the UK and Hungary choosing to stay out. In addition, Germany appears to have blocked key points which could have rallied markets, with the issue of providing the ESM with a banking license a key point of contention. This had appeared on the initial draft but was swiftly deemed as ‘out of the question’ by the senior Eurozone sources. Continue reading →