EU armed against speculators

With their new bailout plan for Greece and the euro, the heads of state and government of the Eurozone are not just putting out fires that are already burning but taking action to effectively protect euro states against speculation, the business paper Les Echos writes: "Three minor revolutions have taken place. First the interest rates for the three weakest countries that have already received bailouts will be set below the average for the Eurozone: This constitutes a transfer of wealth and a genuine show of solidarity among European taxpayers. Secondly, we are moving closer to a eurobonds system without this being said openly, because this development is barely apparent behind all the complex legalese. And thirdly, the solidarity fund will take preventive action rather than waiting until the fire is already burning to intervene - also on the secondary markets. This is an important weapon against speculation."

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