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Thursday May 19, 12:09
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EU may suffer if France rejects Constitution
(by Olivia Cohen)
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The European economy will be hurt if France says «no» to the European Constitution in next week’s referendum, Merrill Lynch fund managers poll showed.
The rejection of the Constitution would harm the euro, Eurozone equities, Eurozone bonds and Turkish assets, managers said. The euro will face severe impact if France rejects the Constitution, they added.
About 72% of respondents said a «no» vote would have negative impact for Turkish assets, while only 3% of respondents said it would be good for the assets. Turkey’s economy may be damaged by the negative vote as Turkey is expected to join the EU but is still in talks about its possible membership.
Equities for the Eurozone will also see tough times with 48% of respondents say the impact of «no» will be negative and 15% expect positive turn.
The EU’s enlargement is put to the risks with the rejection of the Constitution, said David Bowers, chief investment strategist at Merrill Lynch. “Over the last two months there has been an astonishing change in how investors see the world,” he said.
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