Democratic Underground - Eurozone leaders approve Greece aid package (and European Stabilisation Mechanism)

Eurozone leaders approve Greece aid package (and European Stabilisation Mechanism) [View All]

Ghost Dog

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Sat May-08-10 02:46 AM
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Eurozone leaders approve Greece aid package (and European Stabilisation Mechanism)

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Source: BBC

Leaders of the 16 EU member states that use the euro have approved an 110bn euro ($145bn; £95bn) loan to Greece to prevent its debt crisis from spreading.

...

The eurozone leaders also announced proposals for a European Stabilisation Mechanism to preserve financial stability.

...

The leaders hope to have the new European Stabilisation Mechanism, which would have up to 70bn euros at its disposal, in place before markets open on Monday to prevent investor fears over Greece spreading to other countries with high deficits, low growth or low competitiveness.

Germany's Chancellor, Angela Merkel, said the mechanism would send a "very clear signal" to market speculators to back off.

Read more: http://news.bbc.co.uk/2/hi/business/8669488.stm

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Eurozone leaders approve Greece aid package (and European Stabilisation Mechanism) [View All]