EU throws Spain two potential lifelines | Forex Factory

  • EU throws Spain two potential lifelines

    From reuters.com

    The European Commission threw Spain, the latest frontline in Europe's debt war, two potential lifelines on Wednesday, offering more time to reduce its budget deficit and direct aid from a euro zone rescue fund to recapitalize distressed banks. Spanish government borrowing costs lurched higher and the Madrid stock market hit a nine-year low with investors rattled by the parlous state of its banking sector fleeing to the relative haven of German bonds. EU Economic and Monetary Affairs Commissioner Olli Rehn said Brussels was ready to give Spain an extra year until 2014 to bring its deficit down to the EU limit of 3 ... (full story)

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Macdon
May 30, 2012 6:59pm
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Europe is in so much trouble that failing the breakup of the euro and countries using their own currency to devalue it and trade their way out of trouble, the euro must suffer devaluation to something like USD0.70. This time the euro must be set to suit the economies of the PIIGS and other debt ridden countries, not Germany and France.

Deal with the banksters that caused this mess later.
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Tw0eleven
May 30, 2012 5:50pm
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correct...all I see is down down down in my chart.

Quoting Guest
good news for euro but not good enough.
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Trader#1158
May 30, 2012 4:43pm
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good news for euro but not good enough.
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