Euro States Lay Groundwork for Bond Buys, Speed Spanish Aid |
| Bloomberg - Jul 10, 2012 |
European governments laid the groundwork for possible purchases of Italy’s bonds and fast- tracked aid for Spain’s banks, trying to shield the euro area’s third- and fourth-largest economies from the resurgent debt crisis.
Finance ministers worked out a way for the euro bailout funds to intervene in bond markets and said the first 30 billion euros ($37 billion) of 100 billion euros in rescue loans will start flowing to Spanish banks this month.
Olli Rehn, the European Union's economic and monetary affairs commissioner. Photographer: Jock Fistick/Bloomberg
“It’s always useful to have a certain reserve for possible unexpected developments,” European Union Economic and Monetary Affairs Commissioner Olli Rehn said of the frontloaded Spanish loans at a press conference after a two-day meeting in Brussels.
Italian and Spanish bonds rose and European stocks advanced, as investors rewarded at least for today the attempt by euro governments to get ahead of the curve in battling the 2 1/2-year crisis that has shaken the 17-nation currency to its foundations.
Read Full Article from Bloomberg
- Posted: 2012-07-10 13:12:07
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