"The whole issue of peripheral Europe and debt restructuring is a process. It¿s not going to be solved in one big bang and having covered emerging markets for many years this is nothing new," Sailesh Jha, head of Asia market strategy at SEB Bank Singapore told CNBC. "So we¿ll get several different processes taking place and the first one is September 29 and what the German parliament approves in terms of the ESFS facility and I think our core view is that it¿s going to be passed¿.and then we go to the next stage."