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Reply #25: critical period of 10 days to complete and conclude the crisis response of the European Union [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 08:24 AM
Response to Reply #6
25. critical period of 10 days to complete and conclude the crisis response of the European Union
Europe faces a crucial 10 days to save the euro zone after agreeing to ramp up the firepower of its bailout fund but acknowledging it may have to turn to the International Monetary Fund for more help to avert financial disaster...

...Two years into Europe's sovereign debt crisis, investors are fleeing the euro zone bond market, European banks are dumping government debt, south European banks are bleeding deposits and a recession looms, fuelling doubts about the survival of the single currency.

"We are now looking at a true financial crisis -- that is a broad-based disruption in financial markets," Christian Noyer, France's central bank governor and a governing council member of the European Central Bank, told a conference in Singapore.

The 17-nation Eurogroup adopted detailed plans to insure the first 20-30 percent of new bond issues for countries having funding difficulties and to create co-investment funds to attract foreign investors to buy euro zone government bonds.

/... http://www.reuters.com/article/2011/11/30/eurozone-idUS...
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