EU States to Send IMF $267 Billion in New Crisis Fight
["It’s a very good outcome for euro-area members and it’s going to be the basis for a good fiscal compact and more disciplined economic policy in euro-area countries,” Draghi told reporters after 12 hours of overnight talks in Brussels."]
"European leaders added 200 billion euros ($267 billion) to their crisis-fighting warchest and tightened anti-deficit rules, seeking to lure the European Central Bank into stepping up its rescue operations.
In an accord hailed by ECB President Mario Draghi, the leaders laid out a new “fiscal compact” to prevent future debt runups, accelerated the startup of a planned 500 billion-euro rescue fund and scaled back bondholder loss-sharing provisions.
“It’s a very good outcome for euro-area members and it’s going to be the basis for a good fiscal compact and more disciplined economic policy in euro-area countries,” Draghi told reporters after 12 hours of overnight talks in Brussels. European leaders navigated a labyrinth of political, legal and economic constraints amid unrelenting pressure from financial markets to craft a new approach to fighting the crisis, which now threatens to engulf Italy and Spain.
At the same time, the leaders ventured into untested legal territory by plotting to anchor the tougher budget rules in a separate euro-area treaty after Britain and Hungary balked at amending the existing treaty covering all 27 European Union countries.
The euro was little changed in reaction to the measures, the fifth wide-ranging crisis-containment package since the unprecedented 110 billion-euro bailout of Greece and was followed by the setup of a 440 billion-euro rescue fund in May 2010."
Only 10:30 pm in California. I'm a night owl and hardly ever go to bed before midnite.
Having gotten into watching the openings of the Asian and European markets is starting to take a toll. Normally it's easy to ignore but with all the focus on Europe I find it necessary to have some idea what's going on.
It's not unusual when the markets really get crazy for me to break my sleep into two 3-4 hour shifts and to take them whenever there's a lull.
I suppose if I ever get married all of this will have to stop. In the meantime it's pretty interesting...