Salient to Investors:

Anshu Jain at Deutsche Bank lauded Germany’s pro-austerity policies and the ECB’s commitment to limitless bond purchases as catalysts for bringing the euro past the acute stage of the crisis. Jain said implied default probabilities in Italy and Spain are as high as 20 percent and still a worry.

Bas Jacobs at Erasmus University said banks are a very weak link in Europe’s recovery as not enough losses have been written off.

Joachim Fels at Morgan Stanley said concerns over a Cyprus bailout and possible debt write-downs could easily lead to another bout of the euro crisis.

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