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EUROPEAN SOLIDARITY FOR THE EURO 11/05/2010
(2010-05-11)
Last updated: 2010-05-12 13:54 EET Print
After many years of being a real engine for the world’s financial stability, the euro zone has unexpectedly turned into “Achilles’ heel” of the international markets. In order to rescue the euro zone and implicitly the European single currency, the EU and the IMF have decided to implement a historic bail-out package amounting to roughly one trillion Euro. Conceived as a shield to ward off any speculative attacks against the most indebted Euro zone countries, the bail-out package is also backed by the world’s main banks, including the European Central Bank as well as the US Federal Reserve that announced they would act jointly in order to reassure the financial markets about the single currency. The unprecedented plan, to which the EU contributes 500 billion Euros, has been subjected to marathon debates by finance ministers in the euro zone who got together in Brussels. The European Commissioner for Economic and Monetary Affairs, Olli Rehn has made it clear that the massive sums of money that are put up are meant to dissuade speculators to bet on the collapse of the Euro, and that giving loans to Euro zone states will be accompanied by ‘strict conditions’. The sharp plummeting of the Euro came against the backdrop of the crisis in Greece, which analysts believe might cause turmoil in other frail economies in the Euro zone, such as Spain and Portugal. The United States has voiced satisfaction at the plan, while China has decided to firmly back the measures taken by the European officials. The first good news, after the package was announced, has been broken by stock exchanges worldwide, whose indexes have seen spectacular, even historic highs. The euphoria that has taken stock exchanges all over the world in its grip after last week’s sharp slumps has materialized in the reinvigoration of the European currency, which still continues to remain vulnerable.

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