European currency stabilization program is accepted

Europe is going to keep its currency on the best positions

In brief: The plan was approved on Friday, May, 7, at the summit of European countries.

European Union has just created the largest program of stabilization in the world. Its scope is going to reach 750 billions of euros. The plan was approved on Friday, May, 7, at the summit of European countries. Asian currency markets have just reacted to this step by growing of euro value. Also European Central bank is going to buy the sovereign bonds of European countries.

750 billions euro are planned to be received from:
1) 60 billions euro of credits got by European Commission;
2) 440 billions euro of guaranties of the countries of euro zone;
3) 250 billions euro of IMF investments.

As far as Greece is concerned, its salvation is planned to be provide beyond this stabilizational mechanism. It is accepted that the first tranche within the three-year long anti-crisis program Athens will receive just until May, 19. It will be 110 billions euro.

Maria Velikanova
2010-05-10 08:50, Currency news.

News on: , , , , , , , , , , ,

Post a comment

E-