Euphoria over the most recent proposal to ease Europe’s debt crisis has been short lived, as Greek Prime Minister George Papandreou flip-flopped around a referendum for early December. Europe had hoped to go into the November 3 G-20 Cannes summit with a solid and finalized Eurozone bailout package for Greece and be able to move on to broader issues about exchange rates and financial regulation. But now European leaders need to account for this development that has created additional uncertainty in the markets
Back in the U.S., investors are witnessing more triple digit market gains and losses. While it’s tempting to react quickly to daily market fluctuations for tactical advantage, this is precisely the type of environment in which a disciplined, big picture point of view can help investors stay focused over the long term. Dr. Michael Hasenstab, SVP and Co- Director, International Bond Department, Franklin Templeton Fixed Income Group®, addresses current volatility and why the overall environment may not be as grim as it appears on the surface.
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