March 26, 2010
Diplomats at the EU summit in Brussels have agreed to a 30 billion dollar bailout plan for Greece. It would only be activated if market lending to the country dried up, and EU President Herman Van Rompuy said it should be seen as a last resort. The programme worked out by France and Germany would allow for loans from both the eurozone and the International Monetary Fund. Previously German Chancellor Angela Merkel said she strongly opposed any plan of this kind. It follows a crisis in the eurozone, with the recent credit downgrade of Portugal sending the currency to a ten-month low against the dollar. William Engdahl, author of “Full Spectrum Dominance”, says the roots of the euro’s crisis lie in the U.S.