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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (294147)11/29/2010 11:17:53 AM
From: Jim McMannisRead Replies (2) of 306849
 
Europe Approves Irish Rescue and New Rules on Bailouts

finance.yahoo.com

BRUSSELS — Fighting to prevent an accelerating debt crisis from engulfing Portugal and Spain, Europe’s finance ministers approved an 85 billion euro bailout package for Ireland, while also agreeing for the first time to hold private investors accountable for losses in future crises, beginning in 2013.

With the European Union engaged in a high-stakes battle with financial markets, the move to include bondholders in any future debt restructuring represents an important milestone in the current crisis because the countries stood together on an issue that had caused sharp divisions in recent weeks.

The decision is aimed at ending uncertainty over future rules for the euro zone, made up of the 16 countries that use the euro. Some policy makers had said that a lack of clarity about what would happen when the current bailout provisions ended in 2013 was a contributing factor in the recent market turmoil that led Ireland to ask for aid and that now threatens other countries.

“Europe has shown again it won’t shun difficult decisions and will act swiftly, decisively and united to safeguard the financial stability now and in the future,” said Jan Kees de Jager, the Dutch finance minister, referring to both the Irish bailout and the new permanent rescue plan.

But the move represents a big gamble that the promise of clarity and stability will outweigh the anxiety of investors weighing the purchase of bonds from the Continent’s weaker economies.
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