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The euro zone and its periphery: Bail-out 2.0

Buying time again

The EU summit on 21 July 2011 got much publicity, but produced quite limited results. It brought some short-term relief for Greece and other euro zone states in the periphery, but did hardly anything to deal with underlying problems. Its main result was buying time. Joachim Becker comments the recent bail-out package of the European Union.

 

The two main results of the summit were a reduction of the interest rates of the bail-out programmes for Greece, Ireland and Portugal to about 3.5% and the providing more flexibility to the European Financial Stability Facility (EFSF). The reduction of the interest rates lowers the burden of the debt service for the three countries. However, even 3.5% might be too much for countries that will be in recession this year as Portugal and Greece are according to quite optimistic official prognosis ...


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