GLOBAL - Just under 60% of respondents to the Global Pensions 100 Panel said they felt more comfortable holding eurozone debt and equities following the approval of a rescue package for struggling countries of the single currency area.
Last month the European Union and the International Monetary Fund (IMF) unveiled a so-called “shock and awe” strategy to stabilise the eurozone and prevent contagion from the Greek debt crisis. This included a €750bn (US$970bn) debt facility and emergency funding for the 16 EU members using the euro.
However, over 40% said they did not feel more comfortable holding euro-denominated securities.
A respondent said: “European policy bought time but difficult decisions will have to be made to produce a long term solution.”
The approval of the package was initially hailed by market euphoria. However, this was followed by volatility and uncertainty.
Another respondent said: “It is too early to see the effects of the eurozone package.”
