Reform progress in the euro area periphery

- "Sovereign spreads have widened considerably during the past two weeks"
- "The market is concerned that countries will get caught in a vicious circle of budget cuts and faltering growth"
- "Our primary concern is that public support for necessary reforms may falter"
- "The rescue packages give the periphery countries time to get their houses in order"
- "But a positive outcome is dependent on the willingness of the countries to accept tough but necessary reforms"
- "We believe that the ECB will stand ready to purchase large amounts of government bonds if needed"

DenDanske Research Euroland 20100823

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