Meanwhile, it was also becoming clear that Europe's sovereign-debt problems were nowhere near resolved.
Its proudest creation, the euro, may yet be overwhelmed by the ensuing sovereign-debt crisis.
Day, European equities higher and euro-zone sovereign-debt markets in a calm frame of mind.
Investors remain concerned about the economy, sovereign-debt issues and the potential for market volatility.
The odds of a sovereign-debt default have shortened, making other risks seem less improbable as well.
And it needs mechanisms for dealing with failure, such as an orderly system for sovereign-debt restructuring.
One way or another, the sovereign-debt crisis is pushing euro-zone countries into deeper integration.
That still leaves the delicate issue of how to factor in Europe's sovereign-debt jitters.
This might seem incredible in light of the sovereign-debt crisis which loomed so large in 2010.
It is now being discussed as a possible model for resolving Greece's sovereign-debt crisis.
And governments must start putting in place a mechanism for managing sovereign-debt restructurings within the single-currency zone.
Financial markets are hypersensitive to sovereign-debt quality in the wake of Greece's troubles.
And yet, when it comes to the sovereign-debt crisis, Germany is prepared to live with the risk of economic meltdown.
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It says the euro zone is afflicted by three ills: a banking crisis, a sovereign-debt crisis and a growth crisis.
The return of worry over the Continent's sovereign-debt issues has disrupted a robust start to the year for U.S. stocks.
Argentina has been largely shut out of international capital markets since 2001, when it declared the largest sovereign-debt default ever.
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Sovereign-debt worries and soggy growth rates have helped shift the currency towards its fair value over the past 12 months.
Mr. Tjornehoj said this strategy could work in 2012, given the uncertainty about a solution to the euro zone's sovereign-debt crisis.
Faster expansions in Brazil, China and India are helping to protect the global recovery as a sovereign-debt crisis weighs on Europe.
The Socialist candidate explained how he would seek to expand Europe's response to the euro sovereign-debt crisis to incorporate more growth-driven policies.
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If Portugal's request was predictable, the outcome of this latest stage in the euro area's sovereign-debt crisis is less easy to gauge.
On May 7th, euro-zone leaders met in Brussels to consider a less tangible but more dangerous threat to Ireland's limping economy: Europe's sovereign-debt crisis.
If European leaders fail to present credible plans to resolve the sovereign-debt crisis at their summit in March, that may well seal Portugal's fate.
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Inflows on that scale would help to explain why the euro has continued to do better than many expected given the zone's sovereign-debt crisis.
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This gap may explain the strength of the euro, which has risen against the dollar in recent weeks despite endless euro-zone sovereign-debt worries (see chart).
No wonder EU leaders are struggling to cure the sovereign-debt crisis.
The euro's rise, Germany says, indicates that trust is being restored in the currency as progress is made toward overcoming the euro zone's sovereign-debt crisis.
Indeed the current sovereign-debt jitters may be a sign that creditors are starting to assert themselves again, and demanding higher yields from less prudent governments.
Markets had another unsettled week amid continuing worries that officials in the euro area have failed to resolve the sovereign-debt crisis in the currency block.
Analyst reaction to the debt sale converges on one point: The outcome tells us more about the mood in the sovereign-debt market than about Portugal itself.
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