Monday morning euphoria over the deal to bail out Cyprus despite rescission of its levy on small bank deposits got stocks off to a good start but stumbled on subsequent comments by Jeroen Dijsselbloem, Eurogroup head of eurozone finance ministers, that the Cyprus restructuring plan could be a model for fixing larger EU banking issues.
We had revised our earlier HP model based on its restructuring plans here and this valuation was contingent on the software, services and printer business performance.
For that reason, expect plenty of international cooperation, but not a one-size fits all regulatory model or a massive Bretton Woods-style restructuring of global finance.
China is restructuring the economy, moving away from its old export driven model towards a more dynamic one with new, cutting edge technology and industry.