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Holy Crap EU Euro Rescue Plan Now Up To A Mind Blowing $962 Billion Dollars!!! Pin! This Is Epic!!!
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[quote:Anonymous Coward 956505:MV8xMDYwNzgzXzE2ODQwOTIzX0RCRDk0Q0ND] [quote:Anonymous Coward 847197] these toads could barely cobble together 100 bil as early as this morning... now we're supposed to believe they MIRACULOUSLY found 1 TRILLION???!!! Where?? I'll believe it when I see it. This looks like more financial gymnastics from the EU in a time of great desperation... maybe they'll short it for another few days? Who knows. The rubber will meet the road soon for the whole system, that much is for sure. I think they found the money from the Federal Reserve. They said they will send as many dollars as needed. Sounds like an open credit line to me. Can you imagine the PR nightmare for this admin of the US basically writing an open ended check to the EU when we're broke?? Even for Obongo the usurper this is outer limits. [/quote] Thats what the federal reserve has been doing for the last year and a half. Why stop now. Just keep printing those trillions of digits. Its all such a sham now its beyond rediculous. They're making up money out of thin air and coming up with excuses that its legal tender. Hey, give me a billion or trillion while your at it. [/quote]
Original Message
May 10 (Bloomberg) --
European policy makers unveiled an unprecedented loan package worth nearly $1 trillion and a program of securities purchases as they spearheaded a drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.
Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain,
governments of the 16 euro nations agreed to make loans of as much as 750 billion euros ($962 billion) available to countries under attack from speculators.
The ECB will also embark on “very significant operations,” European Union Economic and Monetary Commissioner Olli Rehn told reporters in Brussels after the 14-hour meeting. “The ECB has taken a decision to intervene in the secondary markets of government securities.”
Under pressure from the U.S. and Asia to stabilize markets, the European governments gambled that the show of financial force would prevent a sovereign-debt crisis and muffle speculation that the 11-year-old euro might break apart.
Europe’s failure to contain Greece’s fiscal crisis triggered a 4.1 percent drop in the euro last week, the biggest weekly decline since the aftermath of Lehman Brothers Holdings Inc.’s collapse. It prompted President Barack Obama to call German Chancellor Angela Merkel and French President Nicolas Sarkozy yesterday to urge “resolute steps” in Europe to prevent the crisis from cascading around the world.
Under the loan package, euro-area governments pledged to make 440 billion euros available, with 60 billion euros more from the EU’s budget and as much as 250 billion euros from the International Monetary Fund, said Spanish Economy Minister Elena Salgado.
“We are placing considerable sums in the interests of stability in Europe,” Salgado told reporters after chairing the meeting.
[
link to www.bloomberg.com
]
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