May 8 (Bloomberg) -- European leaders agreed to set up an emergency fund to halt the spread of Greece’s fiscal woes, seeking to prevent a sovereign debt crisis from shattering confidence in the 11-year-old euro.
Jolted into action by the sliding currency and soaring bond yields in Portugal and Spain, leaders of the 16 euro countries said the workings of the financial backstop will be hammered out before Asian markets open late tomorrow European time.
“We will defend the euro, whatever it takes,” European Commission President Jose Barroso told reporters early today after the leaders met in Brussels.
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Comment: The ring is open for the fight between finance and politics. Whether we like it or not, in the end it will be, like so many times before, the triumph of politics. Instead of becoming an Armageddon for the common European currency, most likely the Greek drama will turn out to be an Armageddon for the euro raiders.
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