Moody's: Economic adjustments are only half complete

"Adjustments, both in the periphery and the core, have already taken place -- in some cases, to a significant degree," Moody's analysts including by Sovereign Chief Economist Lucio Vinhas de Souza in New York said in a report published today. The process "is at best only half complete."

"The hurdles are still high, but European leaders do seem to be working towards more positive results," said Callum Henderson, global head of currency research at Standard Chartered Plc in Singapore.