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Markets rallied on hopes that European policymakers might finally be working towards a solution to the debt crisis.

Over the next few weeks all 17 EU countries will need to vote on the expansion of Europe’s temporary rescue fund. Under its expanded powers, the European Financial Stability Fund would take over bond buying responsibilities from the European Central Bank and be able to lend to nations before they need a bailout. Ministers are concerned this would affect the credit ratings of member states that underwrite it.

We saw a reversal of some of this week’s big risk on moves on reports that European leaders were not completely united on the planned policy response. The plans face opposition in Germany and the Netherlands and there are signs of a split within the other states over the terms of Greece's bailout.

France, Italy, Spain, Belgium, Ireland, Greece, Luxembourg and Slovenia have already approved the €440 billion fund.

Germany, Malta, Cyprus, Finland, Austria, Estonia and Portugal are all expected to endorse the plan when they vote in the next coming weeks.

Despite a Euro rally, analysts warned this was probably down to a lack of bad news and optimism about a solution to the European debt crisis. Clearly something needs to be done to shore up the peripheral countries in the euro area and stop the debt crisis spreading to the larger economies.

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