"A bigger rescue fund will gain time and air, even though the basic problem still remains with the lack of competitiveness of southern European economies"
- Christian Zogg, a fund manager at LLB Asset Management
Swiss stocks ended Friday's session higher after euro zone finance ministers agreed to boost the bloc's bailout lending limit to 700 billion euros.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, gained 0.96%, or 59.25 points, to 6,235.51. The broader Swiss Performance Index advanced 0.96%, or 54.63 points, to 5,715.79.
"A bigger rescue fund will gain time and air, even though the basic problem still remains with the lack of competitiveness of southern European economies," said Christian Zogg, a fund manager at LLB Asset Management in Vaduz, Liechtenstein.
"Robust firewalls have been established," the ministers said in the statement. "This comprehensive strategy has paid off and led to a significant improvement in market conditions."
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