Monday, May 10, 2010

Haiku - EU Rescue Package

As everyone knows by now, the EU finance ministers, in an effort to avert a crisis, announced last night that they were putting together a TARP-like €750 billion ($955 billion) bailout package for their member countries facing debt problems. Story here from the WSJ: "The plan would consist of €440 billion of loans from euro-zone governments, €60 billion from an EU emergency fund and €250 billion from the International Monetary Fund." After the announcement, markets around the world ran up 3-5% on bolstered confidence that the contagion would not spread.
One billion dollars,
are you sure that is enough?
will it save the day?