There is no question that the issues in the euro zone are far from over and that many headwinds to economic growth remain. Sovereign governments still need to implement harsh austerity measures and control their debts and deficits, while banks are facing capital and liquidity challenges. Although Greece secured their second aid package of 130 billion euros, it remains to be seen how the stringent austerity measures will be implemented and how much time it will buy them. For our part, we continue to focus on the fundamentals.
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