Yes to rescue plan and what next? by Barbora Misakova

What would I do with 14.5 billion Euros? It sounds like a theme of school homework, isn’t it? The funny part of this story is that it actually is school homework. Crisis-hit Greece received its first loan. From a 110 billion-euro loan it is really just a small part but there are still many things that can be done. Eurozone finance ministers vowed to fix the region’s finances, but more talks will be needed to finalize the massive rescue fund for debt-hit members. While Spain and Portugal try to accelerate cuts in public spending to restore market confidence, Euro hit its lowest level since April 2006. Luxembourg Prime Minister Jean-Claude Juncker still thinks ! 220;the Euro is a credible currency.” Of course he is not totally blind and deaf, as he realizes the speed at which the exchange rate deteriorates is high. One thing everyone agrees with is that massive rescue package for the eurozone needs further talks. Some countries (for example Finland, Germany) want to be able to go back to their national parliaments to seek approval any time a eurozone country calls for funding from the rescue package – that means they will hardly sing the same tune. Juncker knows it and it makes him more frustrated. It was “all the more surprising because on May 9 it was said that there was complete agreement on the rescue plan” he said. Well, what did he expect? It is quite easy to say general “yes” to rescue plan, but much more difficult to say “yes” to particular countries.

related story (sgx17339): http://www.france24.com/en/20100518! -greece- eurozone-EU-loan-...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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