‘Shock and Awe’ is how some are describing it.
World markets certainly rallied bullishly to the seven hundred and fifty billion euro emergency bailout to protect the euro and to stop the Greek tragedy from spreading.
Not since G20 leaders threw bucket loads of money at the global economy have traders seen a day like this. The plan triggered the biggest one-day rise in European shares in 17 months.
Faced with the prospect of what they called the ‘wolfpack’ financial markets leaders came together, determined to strike a deal.
EU Commission President Jose Manuel Barroso said:
“This deal was not only about assistance, it was also about further efforts of consolidation. I
welcome the clear the commitments made by some Member States to take additional measures of fiscal consolidation soon. the solution for this problem is a more coordinated Europe, more coherence, economic policy coordination.”
A calmer picture on the streets of the Greek capital Athens where this whole crisis began. The question now is if the markets will see this as a permanent or just a temporary solution?
Euronews has a special report on all of latest developments surrounding the euro immediately following this bulletin.