Create a 500 billion euros the EU started the euro rescue fund, "Battle"

After up to 11 hours of marathon negotiations, the EU finance ministers from 27 countries held from 9 pm emergency meeting on the 10th morning. Ultimately create finance ministers and immediately start the deal with the debt crisis in the euro area countries, "European stability mechanism" agreement.

Spain holds the rotating EU presidency, Chancellor of the Exchequer, Ms. Salgado at the press conference after the meeting was read the final document. According to the paper, ministers decided to establish a total 500 billion euros of rescue funds. Among them, 60 billion euros to the European Commission through the operation of the existing aid mechanism, and will immediately start; another 440 billion euros from euro-zone member countries, and is expected to start in a few weeks. Document also said the International Monetary Fund (IMF) will also be involved in providing relief funds, are funded by the EU funds will reach half of the number. The conditions of the EU assistance loans and loan conditions of access to IMF assistance very. Subsequently, the IMF Managing Director Dominique Strauss - Kahn issued a statement on the EU's euro zone countries should create and start the debt crisis of the "European stability mechanism" welcomed, but the statement did not explicitly mention the number of IMF funds will be provided.

Establish a "European stability mechanism" of 16 leaders from the euro zone summit in 7 raised. Euro-zone countries accused speculators deliberately attacked by the debt crisis of the Greek Euro, so the euro since its inception into the most serious crisis. Create and immediately start the mechanism, designed to eliminate the spread of market concerns about the debt crisis of Greece, to stop the euro exchange rate down, to calm financial market turmoil. EU Commissioner for Economic and Monetary Affairs Commissioner Olli Rehn said the EU to set up this huge "financial safety net" that the EU decision to defend the euro's strength and confidence.

The EU aid mechanism, from the drafting, discussion, revision, to the adoption and effective immediately, only one day's time, which the EU is unprecedented in history. Put in peacetime, it will probably take several years. This incident reflects the severe financial situation in the euro zone current. To discuss relevant issues, French President Nicolas Sarkozy and Italian Prime Minister Silvio Berlusconi to Russia to attend or even canceled the 65th anniversary of Victory Red Square military parade activities. 9, the day, German Chancellor Angela Merkel, French President Nicolas Sarkozy also met with U.S. President Barack Obama on the phone to discuss how to deal with the debt crisis in Europe.

2 this month, the European Union and the International Monetary Fund has signed 110 billion euros with the Greek rescue agreement. But the agreement did not play a role in stabilizing the financial markets. Market continues to believe that the debt crisis is spreading Greece, and Greece have the same deficit and debt problems of Portugal, Spain, Ireland and other countries will need assistance. Last week, European stocks fell continuously, the euro against the U.S. dollar hit a 14-month low. The EU criticized the speculators and the collusion of the international credit rating agencies to go short the euro, has vowed to take all possible measures to defend the euro, and conception in the 10th before the launch of the Asian stock market opened, "European stability mechanism."

The finance ministers also reaffirmed the EU's determination to save Greece, Portugal and Spain to welcome a new round of austerity measures. Member States to consolidate the financial, the meeting also decided to accelerate the structural reform of Member States to strengthen fiscal and financial regulatory members, and standardize the financial market, firmly crack down on market speculation.

Opinion that the EU countries in trying to use vague "political support" to calm markets worried about the complete failure of the practice, the creation of such a large amount of crisis relief fund to stabilize European financial markets will play a significant role. However, some analysts pointed out that "European stability mechanism" clearly there are many defects. First of all, the United Kingdom, Sweden and other non-euro zone countries are reluctant to join the euro zone to rescue "problem countries" mechanism, a mechanism to increase the operational difficulty; Secondly, the 440 billion euro zone member countries by the specific source of funds is uncertain Therefore, there are still operating variables; In addition, this large "safety net" is still a temporary solution tool. Only euro-zone countries structural reforms to enhance their competitiveness, while unified fiscal policy, the euro could truly out of the crisis, the EU economy to the path of sustained growth path.