‘They’ve bought some breathing space but that’s all,’ analyst says
The European Union put up a staggering $1 trillion Monday to contain its spreading government debt crisis and keep it from tearing the euro currency apart and derailing the global economic recovery.
Analysts said the huge sum supplied the "shock and awe" markets had been waiting for for weeks, at least in the short term, and the euro soared on the news.
European leaders negotiated into the early hours of Monday before reaching a deal in which governments that use the euro would join the EU and International Monetary Fund in putting up €750 billion in loans available to prop up troubled governments.
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1 comment:
The U.S. supplies 17.1% of the funds for the IMF. That means the $1-Trillion bailout for Greece cost the U.S. taxpayer over $170-Billion.
1) We can't afford our own debt right now, why are we giving money to an economic system (the EU) that is basically a U.S. trade competitor?
2) The bailouts didn't work in the U.S., do you think they will work for Greece?
3) Spain, Portugal, Ireland, and even Great Britain have all been recently reported to have financial problems that "rival those of Greece's." Where is it all going to end?
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