Today’s Global Highlight
Euroland Unveiled An Emergency Stabilisation Package Of US$962bn And The ECB Agreed To Purchase Bonds
The Euroland policymakers unveiled an unprecedented emergency stabilisation loan package worth almost $1 trn and a programme of bond purchases aimed at stopping Greece’s debt crisis from spreading that has shattered confidence in the euro. Under the package, countries in the Euroland agreed to offer financial assistance worth as much as €750bn (US$962bn) or about 8% of GDP to countries under attack from speculators. Of which, the Euroland governments would provide €440bn in loans or guarantees, the European Union will provide €60bn loans and the International Monetary Fund (IMF) as much as €250bn.
The World Economy... - 11/5/2010
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