Title: Mcgowanjm Wire 2012 Source:
[None] URL Source:[None] Published:Feb 26, 2012 Author:Various Post Date:2012-02-26 09:15:13 by A K A Stone Keywords:None Views:1372843 Comments:2390
NEW YORK (Reuters) - U.S. stocks will get a lift on Monday after euro zone finance ministers agreed to lend Spain up to 100 billion euros ($125 billion) to help its battered banks.
The surprisingly large amount of aid removes a huge cloud that has been hanging over financial markets, with investors fearing that a banking crisis in euro zone's fourth-largest economy could have compounded the currency bloc's troubles with Greece.
Though
****the exact amount to be lent will be decided in just over a week,*****
My Edit: A week.....HMMMmmmm....now what if anything is happening in a week?
8D
striking a deal now means Spain has added support in case Greece's June 17 elections throw financial markets into a tailspin. "This is a major step in avoiding a contagion," said Tim Speiss, partner-in-charge of EisnerAmper's Personal Wealth Advisors Group in New York. "The amount is pretty high, higher-than-expected.
Although we need to get more details,
MY Edit: Details coming in a week, or as the Market reacts badly, which ever comes first....8D
....at least for equity markets in the U.S. and around the world, this definitely eases short-term fears," Speiss said. U.S. stocks are coming off their best week of 2012, in large part due to expectations that something would be done for Spain's banks.
"Well that didn't take long. The ink on the #Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won't be because when it comes to answering where the money comes from there simply is no answer)
.....and we already have an answer to one of our questions. Recall that mere hours ago we asked: "We also wonder how will Ireland feel knowing that it has to suffer under backbreaking austerity in exchange for Troika generosity, while Spain gets away scott free." We now know.
From the AFP: "Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday."
