Posted on 05/09/2010 9:12:55 PM PDT by Ernest_at_the_Beach
The deal came after a full day and night of closed-door meetings in Brussels. The finance ministers held a joint press conference shortly after the opening of Asian markets -- well after midnight local time -- to discuss the program.
European ministers also hit back at speculation that the euro zone would be forced to shrink if the crisis continued.
"We shall defend the euro whatever it takes," said Olli Rehn, the European Union's commissioner for economic affairs.
The package was designed to ease market fears that Greece, Portugal or Spain will have to restructure their debt, a move that would have hit European banks particularly hard.
European nations scrambled to build a bailout fund big enough to satisfy markets and contain a post-Greece crisis engulfing the entire eurozone. Video courtesy of AFP.
The new EU program includes 60 billion euros in emergency lending that would be available quickly.
(Excerpt) Read more at marketwatch.com ...
ping.
Like this money actually exists. A desperation move, mark my words.
*********************************EXCERPT***********************************
The ECB also said that the Federal Reserve is going to reopen a program set up during the financial crisis to make sure foreign banks have the dollars they need.
I think the Gold mining industry is going to do well.
And how long will it take for the Greek government to piss-away this cash? Also, with this kind of generosity (with other people’s money), how long before Spain and Portugal hold out their hands for “free” cash?
I think this means that the US can kiss about $60 Billion good bye.
US Money going to the IMF plus this Fed facility whatever it is...see post #4.
See #4.
There really is only one long-term solution - kill the unions. For our part, we need to revoke the NLRA - National Labor Relations Act - root and branch, and return unions to what they should have been all along - common-law partnerships.
These dollars grow up and leave home so fast these days. [Wiping a tear from my eye.]
Yes. A trillion that does not exist, will be followed by unknown trillions that also do not exist. The real world will be forced to intercede. IT has NEVER failed.
“I think the Gold mining industry is going to do well.”
Maybe. Kinda depends what you mean. Most miners could figure out ways to be unprofitable, income statement wise, if gold tripled in price. Their *stocks* should do well, and perhaps that’s what you’re saying. The miners themselves almost *never* show a profit. Most of them sell so much forward production out of habit, and, especially here at revisited highs that they’ll not benefit anywhere near as much as you’d imagine even with a fat runup.
I believe the Congress must approve any money transfer of this sort. Perhaps we shall be spared. Then again I am not holding my breath.
Asian Shares Higher As EU Agrees To EUR500B Stability Package
I’m going to secede claiming the soil my house sits on as a sovereign nation then default on my debts and wait for foreign aid.
Let’s see, after the last Californian budget it took like 3 months to go into the red again so a another budget fix is in the works this month here. We have 5 times the domestic production of Greece and probably 5 times the debt(s)...guess what’s going to happen.
A feel good party in the markets once this Euroland fix is in but they (governments) never stop spending, never. I give it three months for the snowball of debt to grow while gathering momentum and then no one can get out of the way fast enough.
Le TARP
They are trying to defeat the markets. They will fail.
Sell the Euro if you have it and get out. You’ll be glad you did. I’m thinking of cashing out my USD.
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