Thursday, 6 May 2010

The Euro Crisis: The Insolvent Are Expected to Bail Out the Bankrupt

The euro crisis is far from over. Markets are reacting with skepticism to the largest bailout ever – an attempt to prevent the bankruptcy of Greece. Former Eastern Bloc countries, such as Slovakia, are now expected to bailout Greece. On Sunday the IMF and the 15 other Eurozone countries – the member states of the European Union (EU) which, together with Greece, use the euro as their common currency – agreed to bail out Athens with bilateral loans totaling €120bn ($160bn) over the next three years. Many of these 15 countries, however, have huge debts themselves. They have agreed to help Greece, hoping that someone (read: Germany) will come to their rescue, too. Will Berlin and the IMF be able to save them all? more...


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