BRUSSELS – Spain's Finance Minister says an agreement has been reached on a defense package of up to euro720 billion for the embattled euro involving the EU and the International Monetary Fund.
Elena Salgado said early Monday that under the aid plan, the EU Commission make euro 60 billion ($75 billion) available while countries from the 16-nation eurozone would promise bilateral backing for euro 440 billion ($570 billion). The IMF would contribute an additional sum of up to 220 billion euros. --
Comment: For more than a decade Americans have been taught by their ill-informed armchair warriers that the euros are mainly cheese-eating creatures from Venus who lack guts and conviction, while equally mal-informed economic pundits spread the gospel that the euro zone lacks the preconditions for a monetary union (as if the US would). In this perspective, the euro currency seemed like easy prey. Now the raiders will get fleeced and will have to pay for their gullibility and ignorance.