| Author (Person) | Barber, Tony, Hall, Ben |
|---|---|
| Series Title | Financial Times |
| Series Details | 10.5.10 |
| Publication Date | 10/05/2010 |
| Content Type | News |
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Report of the decisions taken at an Extraordinary Economic and Financial Affairs Council, Brussels, 9-10 May 2010 to discuss the Greek debt crisis and the wider impact on financial stabiity in the eurozone. Germany, France and the eurozone’s 14 other countries delivered in the earky morning of the 10 May 2010 after a long meeting of EU Finance Ministers the 'shock and awe' message to financial markets that had eluded them ever since the Greek debt crisis exploded in October 2009. In an initiative that far exceeded any measure announced by European governments over the previous months, eurozone finance ministers committed their nations to a €500bn emergency facility to protect the euro area from potential disaster. With the aid of a further €220bn from the International Monetary Fund, the total rescue package hit a massive €720bn. The rescue operation was unveiled in an attempt to persuade markets once and for all that governments would do whatever it took to save their monetary union, a foundation stone of European integration. Separate measures were announced by the European Central Bank to maintain liquidity in the banking system, which in the previous week had been coming under increasing threat from Europe’s sovereign debt crisis. |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
