As you may already know, the EU has crafted close to $1 Trillion dollars to help numb the pain of all those struggling countries within Europe. And that’s exactly it… “numbing pain”… the wounds are still there and chances are they won’t go away so easily. We now have other countries outside of Europe also contributing like the US and Canada, you firmly expose the negative links between both the economic and financial stability of all those nations involved. When one fails – which is bound to happen – the others will definitely feel the pain one way or the other.
European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases to stop a sovereign-debt crisis that threatened to shatter confidence in the euro. Stocks surged around the world, the euro strengthened and commodities rallied.
Jolted by last week’s slide in the currency and soaring bond yields in Portugal and Spain, European Union finance chiefs met in a 14-hour session in Brussels overnight. The 16 euro nations agreed in a statement to offer as much as 750 billion euros ($962 billion), including International Monetary Fund backing, to countries facing instability and the European Central Bank said it will buy government and private debt.
– James G. Neuger and Meera Louis, Bloomberg
Related posts:
