Word: bailout
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Dates: during 2010-2019
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...Rompuy, announced that the leaders of Germany, France and Greece - along with himself and Jean-Claude Trichet, head of the European Central Bank - had reached an agreement, the leaders then passed the issue over to their subordinates to hammer out the details. There was no call for an emergency bailout or help from the International Monetary Fund. Instead, the 27 E.U. members promised to underwrite the Greek economy through loans, guarantees and other measures, so long as Athens maintained a tight austerity program. (See pictures of the global financial crisis...
...weeks, European leaders have dismissed talk of a bailout for debt-plagued Greece, saying the country could tackle its enormous budget problems on its own. Now, however, as fears of a default domino effect in Europe have shaken global confidence in the euro, the continent's major powers are changing their tune. Suddenly, the question is not, Will Greece need assistance? but, Who is going to help...
...deal with the situation Wednesday, and the issue was expected to be at the top of the agenda when European Union leaders meet in Brussels on Thursday. Investors are watching closely for any sign of agreement - the euro rose against the dollar Wednesday as it appeared that a bailout might be imminent, then fell following signs from Germany that a plan may not emerge this week...
...bailout is agreed upon, it would be the first time in the 11-year history of the eurozone this has happened - and there's no rulebook for how it should be done. There's been little agreement so far on the details of a possible rescue plan or even who should take the lead. Some investors think any bailout should be the responsibility of the International Monetary Fund, not other E.U. countries. "A large-scale bailout would make taxpayers across Europe liable, either directly or indirectly, for the mistakes of a government over which they have no democratic control. Such...
With recently subpoenaed e-mails indicating that the New York Federal Reserve had sought to conceal details of the controversial $182 billion bailout of troubled insurance giant AIG, U.S. Treasury Secretary Timothy Geithner--head of the New York Fed when the e-mails were sent--was called to testify Jan. 27 on Capitol Hill, along with his Treasury predecessor Henry Paulson. At issue: the use of taxpayer money to cover AIG's debts to Goldman Sachs, Morgan Stanley and other Wall Street firms. Both men defended the "backdoor bailout" and denied any involvement in the alleged attempt to hide...