Word: euros
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Dates: during 2000-2009
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...that it ought to. There are few reasons, they say, why markets shouldn't return to a situation somewhere closer to normal - though they add there was little in macro-terms to justify their bearish frenzy last week. But following Sunday evening's agreement by the 15 leaders of euro-zone countries to accept collective rules to underwrite loans between banks and inject new capital into those facing serious trouble, hope is now rising that the situation in Europe may stabilize. Indeed, euro-group leaders used the most encouraging language they could muster as their summit broke up, underlining...
...fillip of hope was exactly what leaders attending the euro group summit had hoped to inspire, but they were careful to note it was only a beginning. European Commission President José Manuel Barroso, for example, stressed the collective package "isn't of an immediate miracle", and many more trials and jittery nerves would have to be overcome before the nightmare of the past months would be over. Still, the mere framework of a strategy proved sufficient to calm the fear that that drove last week's panic-driven sell...
...euro group plan aims at freeing up credit markets by underwriting loans banks make to one another - activity that has virtually halted amid general suspicion about borrowers' ability to reimburse funds - and resume the lending to companies and consumers necessary for economic growth. The euro group package will also allow national governments to buy preferred shares through capital injections to save swamped banks from failing, and allowing those in less perilous condition to fully sanitize their finances and return to normal operation. As such, the euro group plan was largely inspired by the rescue package British Prime Minister Gordon Brown...
...Though the common rules adopted under the euro-group plan will still be applied at the national level at the discretion of individual governments, the action marks the first concerted effort to address the chaos in Europe following weeks of dislocated, often controversial responses by each country on a case-by-case basis. In announcing their plan, Sarkozy and his partners applauded both its comprehensive scope and the unity of support it enjoys...
...plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through its exports and "has to do something with the money," says one senior Beijing economist who asked not to be named. He and others note that a sudden move into the euro is highly unlikely with European economies looking weak and exchange rate losses threatening...