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The following article was published in our article directory on November 30, 2010.
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EU Multiple Actions To Contain the Spread of the Debt Crisis

Article Category: Business

Author Name: Amanda xzh

EU finance ministers held an emergency meeting to discuss and approve a total of 850 million euros for the Irish aid program, in order to avoid the debt crisis has spread to other European Union countries. Day, 16 euro-zone finance ministers met to discuss the first two hours later, the 27 EU finance ministers joint meeting to finalize rescue plan details.

Long-term stability to maintain the euro, the meeting also discussed the submission of the European Commission adopted on the establishment of a permanent financial stability mechanism of the European project. According to the plan, the mechanism will be launched in 2013, when the total amount of 7,500 million euros in European financial stability mechanism will expire.

Ireland finally accepted the "loan sharks"

Irish Prime Minister Brian Cowen said late 28, the Irish government accepted in principle the package of financial assistance programs. Following the Greeks, the Irish became the second because of sovereign debt crisis forced to accept outside help in the euro-zone countries.

A total of 85 billion euros in rescue funds, 35 billion euros will be used to help the real estate bubble burst and because of the struggling Irish banks, and the remaining 50 billion euros to meet the financial needs of the Government of Ireland. There are 3 funding sources: First, the EU and the International Monetary Fund, the joint mechanism set up by European financial stability, a total of 62.7 billion euros; Second, the United Kingdom, Sweden and Denmark, respectively, in bilateral loans, total of 4.8 billion euros; third is to use Ireland national pension reserve fund and other domestic resources raised 17.5 billion euros. Because different sources of funds, interest rate and term are slightly different. Earlier, the Irish media, may be as high as 6.7% interest rate, but Cowen, 28, said the average interest rate of 5.8%, 5.2% higher than the aid of Greece when the loan interest rate. High interest rates in Ireland have set off a wave of protest, observers here worry that high interest rates not only easy to intensify the Irish domestic discontent, but also increase the financial burden in Ireland.

Mechanism has not yet introduced to the new controversial

Meeting on the 28th, France and Germany in Europe in the last minute to plan a permanent mechanism for financial stability main agreement. For specific details of the mechanism has not yet announced, but it is learned that French President Nicolas Sarkozy and German Chancellor Angela Merkel had to stabilize the euro before the issue of the phone consultations, in urging the EU as soon as possible, while the Irish rescue plan, the two State leaders say will speed up the development of permanent mechanisms for financial stability, due 2013 to take over European financial stability mechanism.

In recent days, German media have reported that Germany is developing a permanent program of financial stability mechanism. Core of the program are: the future will allow private investors to participate in the rescue, the purchase of government bonds for investors to purchase signed a "collective action clauses", when sovereign countries in crisis, investors should give up part of the proceeds.

Germany seeks private investors to participate in the internal affairs of relief for the position of the main considerations, namely, the debt crisis of the EU member states should not be given by the taxpayers of other countries in the form of assistance through the State to bear. However, this position was strongly criticized, is accused of selfishness. Irish public opinion, the attitude of Germany, Ireland, increased the difficulty of financing is the "neo-colonialism." Portugal "News" is more outspoken, that Germany was "provocative." Euro group president, said Juncker of Luxembourg, Germany, from the federal and local governments have increasingly ignored in the overall interest of Europe, is worrying.

In addition to assistance to Ireland, to establish a permanent mechanism for financial stability, the EU initiative should also include the debt crisis of the banks each year, stress testing for early detection of problems in the banking industry, and test banks in the market position or in recession case is viable.

In order to boost market confidence, the European Union this year, 91 banks had stress tests, found that only 7 banks failed to pass, and then there is no crisis, a Bank of Ireland, one of them. At that time some people of insight to that test standards are too loose, not a true reflection of the banking industry is facing a critical situation. In view of this, the European Commission said the banking sector stress testing should be the beginning of a lesson, the future will further improve the stress testing.

Internal divisions exacerbated market turmoil

While vigorously speculative financial market countries such as Ireland and Portugal and is expected to bond the occasion of the euro could collapse, European Union or the habit of not "speak with one voice." Request assistance when the Irish, the other euro zone countries uneasy, worried that bring disaster to their own; when in crisis countries, rising interest rates when the bonds within the EU's analysis of this debt crisis and assessment vary.

Merkel said that "the euro zone's situation is extremely serious." Germany's position on its "alarmist" and subjected to other EU countries, in particular criticism of the ECB. Subsequently, Merkel had assured him that "the stability of the euro area is more than confident this spring." Germany "exaggerated" crisis situation, is intended to promote the EU's rescue plan by the Irish. In contrast, the European Commission called for "alarmist theory" can be laid to rest. This position was also held in France, the French firm opposition said the collapse of monetary union. These conflicting signals further exacerbated market volatility.

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