The U.S. stock market recovered today, recouping yesterday’s losses. It closed up 420 points, or almost 4%. The Italian stock market experienced similar gains, and was also up 4%.
French President Nicolas Sarkozy, however, is concerned that his country may be sucked into the debt whirlpool. Alarmed by S&P’s downgrade of American debt, he has announced stringent new austerity measures in an effort to prevent the same thing from happening to France.
Meanwhile, the Swiss are concerned at the drastic increase of the value of the franc relative to other currencies. This is damaging to Swiss exports, so the central bank has decided to weaken the franc by “easing liquidity” — in other words, by printing more money.
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