EU ministers look to shore up EU reserves
European Union finance ministers are this weekend expected to put the finishing touches to a multi-billion euro emergency facility which would be used to assist member states in financial trouble. This is an idea which has sprung up over the weekend with the intention of giving financial markets around the world more confidence in the Euro zone, the EU and European member states. But will this be enough?
Even though the idea is literally only hours old the UK government, as it stands at the moment, has already expressed concerns regarding the financial liabilities which would be passed to member states. It is believed the European Union is seeking the authority to borrow on behalf of member states while using the EU budget as collateral when raising finance. This is a high-risk strategy which could actually backfire if speculators continue to attack European debt markets and individual European economies.
We have literally reached a situation which can be described as "a shootout at the okay corral" with both parties lined up for the fight. On one side we have the European Union looking to create more stability and on the other side we have speculators looking to benefit from market weaknesses and market concerns.
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