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Investors Anticipate Clearer Picture From Europe

After weeks of pressure from investors, European leaders won themselves a breather last week amid hopes for quick action on the debt crisis there. For the markets, the question this week is whether they can deliver.

Beginning with a series of events on Monday and ending on Friday with another major euro zone summit meeting, investors are facing a series of milestones that will signal whether some kind of solution to the Continent’s long-running debt drama is at hand. If it is not, and policy makers offer up another round of half-measures, the stock market’s recent gains could evaporate.

“This is Europe’s chance,” said Julian Callow, chief European economist at Barclays. “Maybe they can get things right this time.”

The rally last week, which lifted the Standard & Poor’s 500-stock index by 7.4 percent, was the market’s best weekly performance since March 2009, when the stock market roared back from multiyear lows.

All eyes will be on Italy, the center of the debt crisis in recent weeks, where the new prime minister, Mario Monti, won approval from his new government on Sunday for an austerity plan that includes a combination of tax increases and spending cuts to close its yawning budget deficit. For investors, a focus will be on whether the plan, worth 30 billion euros, or $40 billion, is comprehensive enough and whether there will be sufficient political support to see it through.


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