European Central Bank announced that it would do everything necessary to save the euro. Markets reacted with euphoria, but anxiety about the fate of the monetary union has returned.
The ECB says it will buy back government bonds to lower the cost of borrowing money in the markets – especially for vulnerable countries of the monetary union, such as Spain and Italy. First, however, the governments of that countries would have to request the assistance of EU funds, which is in fact ask for help from insolvency, as before Greece or Portugal.
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