Should you sell into euro summits?

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As the euro zone gears up for yet more high-level meetings about its debt crisis, a fund manager advised investors to sell European shares in the wake of the series of planned summits.

“You should sell summits and wait for markets to go down again,” Stewart Richardson, partner at RMG Wealth Management, told CNBC Tuesday.

He believes that leaders should move their focus from austerity measures towards promoting growth.

German Chancellor Angela Merkel’s latest meeting with French President Nicolas Sarkozy focused on the problems facing Greece.

They put pressure on the euro zone’s most heavily indebted nation to make a deal with creditor banks on a bond swap and avoid defaulting on its debt repayments.

The lack of big announcements from the meeting highlighted how much there is still to be done to solve the euro zone debt crisis, analysts told CNBC.

“It’s really only now that people are starting to see how dangerous the first quarter of 2012 can be,” Simon Derrick, chief currency strategist, BNY Mellon, said. “Both the Greece and Italy stories are right on the agenda now.”

On Monday, yields on Italian 10-year debt, a key measure of market confidence in the country’s economic future, rose above the key 7 percent level which forced smaller euro zone countries to request bailouts.