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  • tangojunto tangojunto May 9, 2010 11:41 PM Flag

    let's consider our present headlines - bloomberg

    EU Crafts $962 Billion Show of Force to Halt Euro Crisis
    Share Business ExchangeTwitterFacebook| Email | Print | A A A By James G. Neuger and Meera Louis

    May 10 (Bloomberg) -- European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global 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 and soaring bond yields in Portugal and Spain, the 16 euro nations agreed to offer financial assistance worth as much as 750 billion euros ($962 billion) to countries under attack from speculators. The European Central Bank will counter “severe tensions” in “certain” markets by purchasing government and private debt.
    ECB Intervenes in Bond Market as Part of EU Debt Crisis Plan
    Share Business ExchangeTwitterFacebook| Email | Print | A A A By Gabi Thesing and Jana Randow

    May 10 (Bloomberg) -- The European Central Bank said it will intervene in government and private bond markets as part of an unprecedented effort to help stave off a sovereign debt crisis that threatens to destroy the euro.

    “The Governing Council decided to conduct interventions in the euro area public and private debt securities markets to ensure depth and liquidity in those market segments which are dysfunctional,” the Frankfurt-based central bank said in a statement today. “The scope of the interventions will be determined by the Governing Council.
    Fed Restarts Currency-Swap Tool With ECB Amid Crisis (Update1)
    Share Business ExchangeTwitterFacebook| Email | Print | A A A By Scott Lanman and Craig Torres

    May 9 (Bloomberg) -- The U.S. Federal Reserve said it will restart its emergency currency-swap tool by providing as many dollars as needed to central banks in Europe, the U.K. and Switzerland to help keep Europe’s sovereign-debt crisis from spreading to other markets.

    The swaps with the ECB, Bank of England and Swiss central bank will allow them to provide the “full allotment” of U.S. dollars as needed, the Fed said today in a statement in Washington. A separate swap line with the Bank of Canada will support as much as $30 billion, the Fed said. The swaps were authorized through January 2011.
    Asia Stocks, U.S. Futures, Euro Climb on Europe’s Bailout Plan
    Share Business ExchangeTwitterFacebook| Email | Print | A A A By Darren Boey and Shani Raja

    May 10 (Bloomberg) -- Asian stocks, U.S. index futures and the euro surged as European policy makers unveiled a loan package worth nearly $1 trillion and a program of securities purchases to end a sovereign-debt crisis.

    The MSCI Asia Pacific Index rose 0.9 percent to 119.50 as of 11:30 a.m. in Tokyo, its first advance in six days. Futures on the Standard & Poor’s 500 Index climbed 2.3 percent. The euro rose 1 percent to $1.2877, extending a 1.1 percent increase from May 7. South Korea’s won jumped 1.7 percent against the dollar, while the cost of protecting Asia-Pacific bonds from default fell the most in a year.