EU and ECB Announced Tremendous Measures to Stem Debt Crisis

[Forex-Outlook]

In addition to approving the loans to Greece, EU finance ministers announced a plan worth 750B euro to prevent Greek sovereign crisis from spreading and the euro from free-falling. The ECB also announced to intervene the public and private bond markets. The EU stated that the comprehensive package of measures is to preserve financial stability in Europe and it includes a 500B-euro European Financial Stabilization mechanism of which 440B euro will come from 16 member countries in the Eurozone which the remaining 60B euro will come from European Commission's emergency funding. The IMF has agreed to contribute 250B euro in the package.

Read Full Out-Look by Action Forex