Monday, October 8, 2012

European Stability Mechanism becomes operational

Europe Launches $648 Billion Aid Fund, Rules Out Immediate Use

European governments set up a full-time 500 billion-euro ($648 billion) fund to aid debt-swamped countries and, not for the first time in the three-year crisis, expressed confidence that the financial muscle won’t be needed anytime soon.
Finance ministers from the 17 euro countries declared the European Stability Mechanism operational ...
Comment: The next debate will be about the TARGET system and then the topic of a common fiscal policy will be brought up. You may rest assured that the eurocrats will leave no crisis pass unused to tighten their grip. 

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