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Stock markets and the euro currency rebounded on news of an enormous European Union rescue package to combat a growing financial crisis in the region. The plan, combined with support from the International Monetary Fund, is worth about a $1 trillion.
Global markets and the euro rallied, buoyed by the news of the plan announced by European Union finance ministers in Brussels. The rescue package includes $75 billion in loans to troubled members available from the European Commission, the E.U. executive arm.
The sheer scale of Europe's 750bn-euro stabilisation package is meant to vanquish Europe's looming sovereign debt crisis. Dubbed "shock and awe", it dwarfs previous bail-outs.
And initially the markets welcomed the deal like a liberating army, relieving the beleaguered governments of southern Europe.
But as the dust settles, doubts are surfacing over how much the deal can really do to solve the underlying problems...