Approved at the on-going Council of the Eurpean Union, by the heads of State and government:
"The Member States whose currency is the euro may establish a
stability mechanism to be activated if indispensable to safeguard
the stability of the euro area as a whole. The granting of any
required financial assistance under the mechanism will be made
subject to strict conditionality".
It is full of conditionalities, obviously, but it is an important step ahead in terms of calming the euro markets.
It also shows, it is clear, that the future of the euro was under serious threat. The collapsing might have been closer than what we had thought.
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