At noon on the 7th, the Spanish Ministry of Finance issued an urgent statement, declaring that the Spanish government had not applied to the IMF or the European Commission for rescue. At present, the Spanish government is in a stable financial position and has sufficient financial capacity to deal with internal economic problems and to pay interest and principal on government bonds to investors.

On the afternoon of the 7th, European time, the European Commission, the Bank of Japan, and the Federal Reserve issued statements one after another, although the content is different, but there is only one purpose, that is, to take active measures to deal with the impact of the Greek debt crisis.

The first is the Bank of Japan, for which the time for decision-making is also very fast, as the influence on Europe is quite limited. On the same day, BOJ announced that it would inject about $21.6 billion of liquidity into the market in the coming week to cope with the impact of the Greek debt crisis on Japanese finance.

Immediately afterwards, the Federal Reserve issued a statement overnight that it would activate a temporary currency swap mechanism with the European Central Bank, the Bank of Canada, the Swiss National Bank and the Bank of England in two days to help ease the pressure on liquidity in international financial markets.

According to public reports, these temporary currency swaps will last for about six months, and the amount will depend on the situation, and are expected to be as high as hundreds of billions of dollars.

These two news, together with the holding of the European summit in Brussels, greatly encouraged the confidence of the European capital market, and soon the decline in the stock markets of various countries began to narrow, confidence was slowly restored, and everyone was waiting for the results of the meeting.

In Brussels, the foreign ministers and finance ministers are anxiously awaiting news from Germany.

The good news finally came in the evening, when the results of the vote in the German lower house of parliament were announced, and 390 parliamentarians passed the bill to stabilize the European Monetary Union, with 72 against and 139 abstentions. Although this bill still needs to be submitted to the German upper house for trial, one thing is certain. Basically, Germany has agreed to a 22.4 billion euro aid package for Greece.

The news quickly spread around the world, including Brussels.

This was followed by a meeting of a higher level than the current summit in Brussels, which, although most of the participants were unable to attend the meeting, did not affect the convening of the meeting in any way, and the finance ministers of the vast majority of European countries participated in this meeting in various ways.

Final negotiations on the euro bailout mechanism have finally begun.

After obtaining the consent of the parliaments of the countries of the eurozone. The focus of the discussions shifted to the bailout mechanism itself. For example, there is a heated debate about the size of the permanent relief fund, the figure of the specific amount of relief, the role of the ECB in the bailout mechanism, and whether the UK needs to be involved.

It took more than 10 hours of discussion before the EU finally reached a historic agreement.

In the wee hours of the morning, they jointly issued a statement announcing that eurozone finance ministers had finally agreed on a 750 billion euro bailout mechanism to help eurozone members who could fall into debt crisis and prevent another Greek-style debt crisis.

The largest bailout in history consists of three tranches, of which 440 billion euros will be provided by eurozone countries for a period of three years under mutual agreement. The 60 billion euros will be raised by the European Commission from the financial markets on the basis of the relevant provisions of the EU's Lisbon Treaty, and this part of the funds will be used as permanent rescue funds. In addition, the IMF will provide 250 billion euros.

Under this mechanism, if another eurozone country falls into a debt crisis, it will be able to apply for financial support, subject to conditions similar to those imposed by the International Monetary Fund, similar to those of Greece.

In a statement issued after the meeting, the participating finance ministers pledged: Deficit reductions and structural reforms will be pursued at the fastest pace to achieve fiscal stability and economic growth. As the eurozone member most likely to follow in Greece's footsteps. Portugal and Spain have also pledged to step up deficit reductions this year and next, and will submit concrete measures to EU finance ministers on the 18th of this month to avoid a deterioration of the situation.

At the same time, the ECB and the European Central Bank also issued a statement at the same time, announcing that it would buy eurozone government and private bonds. However, the scale of the purchase is still being discussed.

At the same time, the IMF also issued a statement that the first tranche of funds to aid Greece will be in place by the 11th at the latest, and it is expected that as much as 20 billion euros will be paid, of which 5.5 billion euros will be immediately and unconditionally transferred to the Greek government's account. A total of 110 billion euros will be released to Greece over the next three years.

With the announcement of this mechanism, the market's confidence was restored in an instant. Although no one knows what will happen next. But the forces of the European Commission were enough to stabilize the current volatile markets, and in the next few days, the main capital markets in Europe rose with a vengeance, and gold futures, which are a safe-haven indicator, plunged for three consecutive days.

……

"The current market turmoil underscores the need for stronger regulation of financial markets, with a focus on greater transparency and regulation of financial derivatives markets, as well as an assessment of the role played by credit rating agencies."

Hong Kong, X-Spatial Fund.

Zhong Shi and Jiang Shan have been waiting for news from the European side and have stayed up all night. However, for them, the frequent "good news" in the market is downright bad news for them.

At this time, Jiang Shan shook his head while reading the news from the European side, "Uh...... This is the statement issued by their summit. The same thing was said by the President of France and the Chancellor of Germany two days ago. And the French president said today that financial market speculators should 'pay the price they deserve'. ”

"Are they serious?"

After reading it, Jiang Shan's face showed a look of disdain, and he said mockingly, "Not only them, but the Prime Minister of Spain also made remarks with similar meanings." It's funny, do they think that more regulation will cover up their current problems? ”

"Small society, big government, has always been their goal!"

Jong Seok was equally scornful of the leaders' remarks, and while he did not dare to underestimate the leaders' determination to push for the implementation of the bill, it was almost certain that even if their views could be translated into a bill and then passed, it would take at least several years.

"I'm afraid that Goodman is going to be a target again!"

After thinking about it. Zhong Shi frowned and said, "This is the second time that Europe has won the defense war, but it is difficult to say next time." ”

"And another time?"

Jiang Shan turned his face, his eyes widened, and his eyes were full of shock when he looked at Zhong Shi, "It's all done to this point." Do we have a next step? ”

This time the European Commission is unprecedented. Not only the European Central Bank, but even the German Chancellor forced the CDU parliamentarians to pass a bill to aid Greece despite popular opposition, so that she has seen a sharp drop in the polls among voters and is likely to lose the next election.

Europe made such a big sacrifice, naturally wanting to solve the debt crisis once and for all, but even so, Zhongshi actually said "next time", which made Jiangshan quite shocked.

"You don't really think it's a bailout. Will it alleviate the worries of the entire market? ”

Zhong Shi also stared back at Jiang Shan, speechless for a long time, then chuckled lightly and said slowly, "Look, this can only be regarded as a short-term morphine effect at most." After the relevant stimulus, the fundamentals of the market still have not been improved, and the market will continue to be sluggish. ”

Jiangshan was speechless.

This statement about Bell Stone. Naturally, he thought about it. But he firmly believes that relying on the power of the government can turn the tide. In this respect, he and Bell Stone are the polar opposite. Zhong Shi believes that even if the government invests huge financial and material resources, if the fundamentals of the economy are not improved, the situation will eventually lead to trouble.

Of course, these are two different points of view, and neither of them can convince anyone.

"Oh my God, look. Things have turned! ”

Neither side continued this argument, after all, it is not an issue with absolute standards. As long as both parties have the same goals, it is not a problem to do it.

At this time, the afterglow of Jiang Shan's eyes swept across the screen. A piece of news made him suddenly feel extremely surprised, and he couldn't help but shout out.

"Uh...... What happened? ”

Zhong Shi frowned, took two quick steps, looked towards the computer, and before he could read two sentences, his face also showed a look of surprise.

Moody's Managing Director Alex. Carteldo said today that the Italian banking system, despite its many weaknesses and flaws, still retains a considerable number of strengths. ”

"The Italian banking system is not under significant stress at the moment. Moody's report, released yesterday, does not explain all of the current state of the Italian banking system, and he apologized to the Italian government and investors for its lack of rigor. ”

"At the same time, Alex. Carteldo also said that although the current situation is still optimistic, Moody's will continue to closely monitor the Italian economy and the pressure on its banking system, and announce it to the outside world in a timely and accurate manner so that investors can better understand the domestic economic situation in Italy. ”

"Are they slapping themselves in the face?"

For international rating agencies, the most valuable thing is the authority of their reports, and the other day, Moody's just announced that the banking systems of Italy, Spain and other countries are at great risk. Now they are jumping out and slapping themselves in the face, and this inconsistent attitude can greatly damage their credibility.

Jiangshan can't understand this.

"Maybe they've heard something!"

Completely different from what Jiang Shan considered, Zhong Shi instantly figured out the ins and outs of the matter, and said sharply, "After experiencing frequent provocations from rating agencies, it is difficult for Europe not to respond a little to these guys who stir up the market." Perhaps Moody's received the relevant information, so it didn't care about damaging its own credibility and showed favor at the first time! ”

"If ......"

Hearing Zhong Shi's words, Jiang Shan's heart was tight. So far, the rating agencies have been almost the only weapon that has led to the debt crisis, and if Europe is to point the finger at them, it may be difficult to continue shorting Europe.

Zhong Shi naturally understood this truth, and his face gradually became solemn at the moment.

……

Half a month later, the European media began to criticize the American rating agencies, including Standard & Poor's, Fitch and Moody's, which became the targets of their attacks, which was a warm-up for policy.

Soon, European officials stood up and took a stand. European Central Bank President Jean-Claude Trichet has publicly declared that he especially hopes to establish Europe's own credit rating agency next to the ECB building.

Immediately afterwards, his statement was supported by the European Commissioner. Barroso has publicly announced that the European Union is considering setting up its own credit rating agency in Europe to counter the three major credit rating agencies in the United States. In addition to establishing its own rating system, the European Commission has unveiled new plans to strengthen the supervision of credit rating agencies in the United States, in an effort to keep them from making waves on the continent.

Naturally, these moves were generally supported by the overwhelming majority of countries in Europe.

The real counterattack began. (To be continued.) )

PS: Thank you book friends for voting for the monthly pass! PS: It's almost the New Year.,I'm going home.,There will be some difficulties in coding words for a period of time in the future.,But the author will do his best to update it.,Strive not to disappoint everyone.。 I also hope that all book friends can continue to actively support this book, and finally slow down a little bit, and it must not be bleak anymore, so the author will also do his best, and everyone should not forget to vote for it, and the recommendation vote is no exception~ This difficult time needs everyone's support more, and the author is grateful ~