London, United Kingdom (PressExposure) December 21, 2011 -- Jay Mawji of Vantage FX (http://www.vantagefx.co.uk/) provides an overview of the activity shaping currency movements in the Eurozone on 20th December 2011 - including news around the €150bn pledged to the IMF by Eurozone countries.
"The Eurozone is hailing the contributions from Eurozone countries as a success after €150bn was pledged to the IMF to act as a safe-guard for the stricken economic area. The only concern is that this figure fell €50bn short of what was targeted.
Pledges came in thick and fast from key Eurozone economies with Germany, Spain and France at the top end of the contributions list and neighbouring countries, such as Denmark, Poland and Sweden, adding to the fund as well. However, the missing 'player' was obviously the UK, who stood up to pressure from the Eurozone to play an active role in the bailout strategy. The UK has always made it clear that it will keep up with its contributions to the IMF as its obligations increase, but it has no intention of directly bailing out the Eurozone. Finance and Political Ministers in the Eurozone have been split in their reaction to the UK's position. Germany have begun building bridges over the troubled water, with Angela Merkel and colleagues beginning dialogue with the UK, discussing involvement in Eurozone strategy as opposed to pressing for financial strategy. The French, however, appear to be growing in frustration, labelling David Cameron's camp as the 'World's Stupidest.' The Euro found strength this morning as the news broke of the €150bn contributions; however analysts have begun downplaying the financial commitment. The projections of required funds in the Eurozone next year far outweighs the raised capital, with some nations potentially requiring more than the €200bn initially targeted.
I haven't seen many of those 'Euro Chocolate Coins' around this Christmas; if the Euro makes it perhaps the new coins could have a phoenix on them!"
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