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European Rescue Plan
The Eurozone extraordinary meeting ended Sunday evening, with the 15 member-states, including Britain issuing a joint communiqu
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A six-point plan will secure state protection to Banks, Bank transactions, loans and the continuous flow of cash among banks until the climate changes. The text was based on British PM Gordon Brown's proposal to Europe to adopt the "British Model". At the same time, concern worldwide on the consequences of the financial crisis has been culminating. The Head of the International Monetary Fund Dominique Strauss-Kahn has warned that the system is on the brink of collapse. Australia from its side is taking extraordinary measures to the protection of depositors, while the two banks will be nationalized in Britain Monday.
Liquidity with Loans and State Guarantee
Eurozone countries are ready to offer guarantee to the re-financing of Banks on a temporal basis reads the text hammered out by the "15", adding that the governments are determined to prevent the bankruptsy of banks even by restructuring their capital.
Eurozone countries will be able to exchange the so-called "toxi" capital in exchange to state bonds in order to support banks.
The six-point plan secures liquidity, re-capitalisation, issuing of loans with state guarantees, streamling of administration and operation, modernization of accounting standards and halt to unfair competion.
Meanwhile, Mr Brown expressed his optimism over the next days, adding that the decisions to be taken in the next days will affect the next three years.
"We are ready to intervene if needed. We have reserves," stressed Kostas Karamanlis prior to the meeting. The Greek PM further added that there were no problems with small banks in Greece, also arguing that a possible readjustment to the state budget would not be a problem.
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