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Was the ECB bounced into the bailout package?

The European Central Bank (ECB) has been forced to issue a flurry of statements this morning denying rumours that the weekend's European Union bailout package was purely and simply a response to the growing speculators lining up to attack European economies. The EUR750 billion bailout package took many people by surprise and indeed European markets are up between 4% and 5% in mid-afternoon trading. But was the ECB bounced into announcing the bailout package?

It would appear that the ECB has brought in a number of other heavyweights within the financial arena to support the Euro and ensure that the bailout package is fully understood and appreciated. Whether part of the rally today can be associated with short sellers closing out their positions after having their fingers burnt is open to debate but the speed at which the announcement was brought forward caught many speculators by surprise.

The truth is that whatever the reason for the lightning quick response to speculators in the debt market, the EUR750 billion bailout package should be more than enough to shore up European debt markets in the short term. Whether or not the speculators have been "beaten" remains to be seen because while the cracks in the European Union have been painted over in the short-term they could well re-emerge.

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