The European authorities keep discussing the size of the EFST. Not so long ago there appeared rumors that they had agreed to increase it from 440 billion up to 2 trillion euro. They say 2 trillion euro will be enough to change the situation in the eurozone, i.e. to restructure Greece’s debt. It is also said that the expansion of the EFSF is approved by Germany and France.
However, these rumors seem to have been disproved by numerous eurozone officials. They say EU experts are still working on ways and means of resolving the crisis. The next summit of European minfins is planned for the weekend.
According to the Department of Commodity Trading, , stock and commodity markets are puzzled and skeptical because last Monday Germany undervalued the importance of the EU summit, which was planned for the weekend, saying that the summit wouldn’t result in working out major and efficient solutions. That is why now even positive news cannot reassure the markets.
The price of Light Sweet Crude Oil Futures seems to have frozen on its way to the level $90,00/b. The price is around $88,69/b. That is why a further rally is questionable as the downward tendency is still dominating the market.
