Long-suffering investors, desperate for some good news, have seized on the headlines from the latest in a long series of “last-ditch” European summits.. In Brussels on Friday, Angela Merkel certainly indicated some concessions on the use of collective eurozone bail-out funds to address soaring Spanish and Italian sovereign borrowing costs. The German chancellor, the argument goes, has “finally capitulated”, now agreeing to back-stop the banking sector debts - and, therefore, the worst of the sovereign debts - of the single currency’s profligate “Club Med” members. And so, we’re told, the eurozone is now headed for ... (full story)