Monday, May 10, 2010

Another rescue package: 750 bn to extinguish the flames of Greece

European ministers plan a €750 bn aid to strengthen the European economy.

Today, May 10, European ministers of economy and Ecofin ( Economic and Financial Affairs Council ) have agreed another 'rescue package' for Europe. This package will help to stop the currently spread of Greece crisis to other European countries (and non-European too), as bailout to countries heading to bankruptcy. On the other hand, the states with economy issues will commit to accelerate the public debt decrease.

This agreement was signed after eleven hours of conversations between 27 ministers, and EU will contribute with €500 bn while IMF will contribute with €250 bn, making a total of €750 bn ($975bn) to attend Eurozone countries, specially Spain and Portugal.

European Central Bank would buy public debt to stabilize markets, also.

Obama asked Angela Merkel and Sarkozy (Germany and French PMs) to take measures to stabilize markets and build trust.

Even this package will be activated in "some weeks", generated enough 'hype' to lead a great recovery of worldwide stock market, as you see below. Let's hope isn't just, 'hype'.

Click to enlarge. Font: CNN

Will last longer the good run thanks to the stability of a 'money cushion' or not? Comment it.

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