26/09/2011 11:30
Rescue program to stop Europe's sovereign debt crisis
Doubts are running high that Europe's politicians can deliver a rescue program big and bold enough to stop its sovereign debt crisis from morphing into a major financial disaster, the Reuters reports.
Pessimism pervaded the International Monetary Fund and World Bank meetings in Washington that European Union leaders can agree quickly on a program that would convince investors of three basic principles:
-- that European leaders stand irrevocably behind monetary union;
-- the euro zone will not stint in protecting bigger economies Spain and Italy from fallout of Greece's debt problems;
-- and the region will stand behind its solvent banks.
Analysts estimate 2 trillion euros would be needed to assure that Italy and Spain are not dragged into the maelstrom.
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