Monday, May 10, 2010

$1 Trillion Bailout For The European Union Agreed on

There is American tax payer money going toward this through the International Monetary Fund.

"A bold $1 trillion rescue by the European Union halted the slide of the euro on Monday and sent markets soaring worldwide in a gambit that may ultimately be seen as the moment Europe truly became a union.

The sweeping cash injection was greeted with euphoria on Wall Street, where stocks rocketed to their biggest gain in more than a year.

Still, the package did not resolve the basic dysfunction at the heart of Europe's monetary union: Governments can still spend recklessly and saddle their partners with the bill.
After frantic talks lasting into the early hours of Monday, European officials agreed the 16 euro nations would put up $572 billion (€440 billion) in new loans and $78 billion (€60 billion) under an existing lending program. The International Monetary Fund will pump in another $325 billion (€250 billion), for a total package of nearly $1 trillion.

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