Business Insider -
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So far, investors have argued that German Chancellor Angela Merkel has been the big loser at this week’s EU summit.
Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy pushed an agenda to depress their borrowing costs and save their banks, forcing Germany to retrace its aversion to bailing out Southern Europe.
Further, Spain’s bailout won an important concession as European institutions agreed to drop explicit seniority clauses in public funding provided to the banks. More