Germany backs Greek bail-out as EU creates 'economic government'

[AtW]

Germany is preparing to drop its vehement opposition to a rescue package for Greece, fearing that a rapid escalation of the debt crisis in Southern Europe could endanger German banks and damage the euro.

Wolfgang Schäuble, Germany's finance minister, has asked officials to prepare a plan in time for a summit of EU leaders on Thursday, according to reports in the German media. The options include either a loan from EU states or some sort of institutional EU response.

The news pushed the euro to $1.38 against the dollar, the strongest one-day rally since the single currency began its nose-dive late last year. Yields on Greek 10-year bonds plummeted 36 basis points to 6.39pc in a matter of hours as speculators scrambled to exit overstretched positions, with synchronised moves for Portuguese, Spanish, and Italian bonds.

More from CyberToryGraph

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Who thought that it would not happen?

The big question is who will bail out GBP?

[Flashman]

Germany is preparing to drop its vehement opposition to a rescue package for Greece, fearing that a rapid escalation of the debt crisis in Southern Europe could endanger German banks and damage the euro.

Wolfgang Schäuble, Germany's finance minister, has asked officials to prepare a plan in time for a summit of EU leaders on Thursday, according to reports in the German media. The options include either a loan from EU states or some sort of institutional EU response.

The news pushed the euro to $1.38 against the dollar, the strongest one-day rally since the single currency began its nose-dive late last year. Yields on Greek 10-year bonds plummeted 36 basis points to 6.39pc in a matter of hours as speculators scrambled to exit overstretched positions, with synchronised moves for Portuguese, Spanish, and Italian bonds.

More from CyberToryGraph

---------

Who thought that it would not happen?

The big question is who will bail out GBP?

Oh great. Another EU stitch up in the making...

Greece begs.

Germany agrees.

Britain pays.

[AtW]

Britain pays.

What makes you think Britain will pay for it? Euro bank will buy their junk bonds off investors who made speculative profits, the real countries that will pay for it is Germany: they take one for the team of European unity.

[suityou01]

question is who defaults first?

Greece or yanks. Greece or yanks. Greece or yanks.

My mantra.

[Scary]

question is who defaults first?

Greece or yanks. Greece or yanks. Greece or yanks.

My mantra.

Yanks control the world's reserve currency, they can print more and extend and pretend for much longer.

[chef]

great, so I make plans to leave the Uk as that is f##ked and now Germany is going to "take one for the team" aswell.. AND I don't like Greek food much either, wouldn't be so bad if it was Italy, atleast they do nice food.

[TimberWolf]

Who are the markets going to go turn their attention to if Greece is being protected

[Andy2]

Who are the markets going to go turn their attention to if Greece is being protected

if G from PIGS is taken care of, there is still PIS
Question is , will Germany bail them out as well ?

[Doggy Styles]

if G from PIGS is taken care of, there is still PIS
Question is , will Germany bail them out as well ?

PIIS

Yes, they'll all be bailed out. That is why the PIIGS like being in the Euro - authority without responsibility.

[AtW]

if G from PIGS is taken care of, there is still PIS
Question is , will Germany bail them out as well ?

That might not be necessary, but in any case euro zone will bail out its members.

Who will bail out sterling?