Stockmarkets recover but any gains marginalised

EUROPEAN stockmarkets including Ireland’s ISEQ index recovered yesterday, but fears of a Greek exit from the eurozone or debt default marginalised any gains.

German chancellor Angela Merkel and French President Nicolas Sarkozy are set to meet Greek leaders today to discuss the country’s debt crisis and US President Barack Obama said yesterday the world’s economy is likely to remain weak until the eurozone crisis is solved.

Obama said that while the US remains “deeply engaged” with Europe on trying to find a solution, it is ultimately down to the continent’s larger nations to join to decide on a solution.