Daily Archives: May 10, 2010

The EU rescue plan explained

FT economics editor Chris Giles analyses the joint EU and IMF intervention to restore confidence to European banks and investors, at www.ft.com/eurescue

The €500bn eurozone stabilisation package agreed in the early hours of Monday, to be topped up by as much as €250bn from the International Monetary Fund, represents the first time since the Greek debt crisis erupted in October that European political leaders have moved decisively ”ahead of the curve”.  All along, the only way of calming financial markets was to produce an initiative that would exceed their expectations and convince them that Europe would do whatever was necessary to save its monetary union.