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EU socialists mount Greek rescue

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EU socialists mount Greek rescue

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Another day, another angry demonstration in Greece against its government’s crash austerity programme, but tomorrow European Socialists are due to announce a plan for a eurozone-backed borrowing facility to aid their colleagues in Athens, ahead of a Council of Europe summit.

Today socialists in the European parliament discuss the plan, which has been drawn up in consultations with the European Investment bank.

Germany and France are increasingly looking ready to back the creation of a rescue model but they insist on tough conditions, while EU President Herman Van Rompuy is trying to organise a Eurozone summit ahead of the Council meeting.

However just hours ago leading ratings agency Fitchs’ downgraded Portugal’s sovereign debt, driving the euro down instantly, a sign that if the money men can’t profit from Greece’s woes, they may be turning their attention elsewhere.