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European Union joint IMF rescue highlights the sharp rise in the euro, Greece times?

25, Greek government spokesman confirmed that evening, held in the euro area summit, the leaders of the adoption of the euro area member states, Greece relief program. The photo shows the date of the European Commission President Jose Manuel Barroso (left) and the permanent President of the Council of Europe FAN Long Perry attended the press conference.

Repeated calls from the euro area led to a Greek aid program 25, has finally been dropping for several days for the euro has brought a rare breathing space.

To attend the EU summit in the spring of a permanent President of the Council of Europe FAN Long Perry said at a press conference on the 25th night of the euro area held a special summit for Greece, the adoption of a "mixed Assistance Program", that is, where necessary, by the euro-zone countries and the IMF jointly to provide relief to Greece. Although the European Central Bank President Jean-Claude Trichet, who continue to believe that euro-zone countries to IMF assistance, the practice of participation in "very bad", but this is quite a symbolic move temporarily stabilize investor confidence in the euro. Yesterday's European session, the euro surged as much as 0.5 percent against the dollar, since the 10-month lows. Greek stocks jumped nearly 4% in intraday trading. Asia-Pacific stock markets have surged yesterday, more than 1%.

"Hybrid" symbolic significance

In the EU 25, the end of the spring summit, the first day of the agenda, the 16-nation euro-zone leaders held an emergency meeting that night, specifically to discuss the Greek aid.

To informed sources, due to serious internal divisions, until the occasion of the opening of the EU summit, Germany and France, before the two large euro-zone countries to reach an agreement on how to rescue Greece.

In order to ensure that this program can be a one-time passed, German Chancellor Angela Merkel, French President Nicolas Sarkozy, the Greek Prime Minister Andreas Papandreou, the European Central Bank President Jean-Claude Trichet and the European Council a permanent President of FAN Long wear the same day was also first met to finalize of the program details.

According to the latest program, the euro zone countries and the IMF, if necessary, joint rescue Greece, which euro-zone countries in the form of bilateral loans will bear the major part, IMF will provide a "very large" sum of money. To informed sources, IMF funding ratio may account for one third, the other two thirds will come from Euro zone countries.

The program did not give any specific numbers, but from the EU high-level sources, who are in urgent demand, the amount of aid to Greece up to 20 billion to 22 billion euros, nearly half of the debt due this year, Greece. Eurozone leaders have declared, this rescue mechanism only as a "last resort", that is only when Greece was unable to raise from the market only when sufficient funds to start.

A strong rebound in the euro reversed early weakness

It is widely believed that the European Union's assistance in the case of the Greek symbol of great significance. FAN Long wear on the frankly, it is very clear "political message", he said, was initiated by the European-led "mixed aid mechanism" will not use less than compelling.

In many market participants view, the European Union to hand over the crisis in the final against Greece, a solution, regardless of the eventual implementation of it or not, at least to establish a mechanism that, in case of emergency situation in Greece can be brought under control.

Greek government spokesman 佩塔洛蒂斯 25 pairs of reporters that the euro-zone countries leaders have approved assistance program, "fully meet the requirements of Greece", Greece is willing to accept with pleasure.佩塔洛蒂斯 said that the Greek Government believes that this program sends a steady signal, will have a positive impact on the Greek economy.

Assistance programs in Greece, following the announcement issued on the international market bonds secured Greece crashed lower the cost of default risk, the Greek government bonds over comparable German government bonds have narrowed spreads. Yesterday, the Greek government bonds, CDS dropped 9.5 basis points to a week low.

Greece continued diving because of the debt crisis of the euro were given a more significant support. Asian and European trading yesterday, the euro continued to rise against the U.S. dollar, as of 17:50 Beijing time yesterday, the euro rose to 1.3367 against the U.S. dollar, or up 0.6%, the biggest gain in nearly two weeks. Prior to this, because of variables in the Greek assistance programs increased sharply, the euro continued to fall, from 1.38 in mid of this month is now down below 1.33 this week, setting a 10-month low.

Asia-Pacific stock markets have surged

The introduction of the Greek aid cases, but also to stimulate the stock market investor's risk preference. Thursday European stock markets had expected the positive and made positive response to yesterday's Asia-Pacific market is broad-based rally.

Because investors expect the European leaders will be finalized for the solution to the problem of debt, Greece, European stock markets closed Thursday another new high of more than a year. European Stoxx 600 Index 25 gained 1% to 264.68 points, this is the index for the third straight trading day higher on Wednesday once reached the highest since September 2008 closing level.

Yesterday's Asia-Pacific market, the main stock index rose almost across the board, or generally more than 1%. In late Tokyo trading yesterday, MSCI Asia Pacific Index rose 1.1%. Specifically, the Tokyo stock market rose to 1.6%, the Nikkei closed at 10,996.37 points, since October 2008 the highest closing price since. South Korean stock market closed up 0.55%, to 1697.72 points.

China, Hong Kong stock market rose 1.3%, the Hang Seng Index rebounded from a three-week lows, to close at 21053 points. Xianyihouyang Chinese Taipei stock market closed up 0.5%.

Thursday closed for the holiday of the Greek stock market surged yesterday after the opening bell yesterday morning, the Greek benchmark stock index rose 3.8%. The three major indexes in Europe after the opening bell Xianyihouyang, one hour after opening flat.

Analysts also pointed out that, although the case of the EU's assistance to stabilize the situation temporarily, but in Europe the future of the debt crisis still variable. Some experts warned that Greece is in Europe and throughout the developed world sovereign debt worries the "tip of the iceberg," After all, the limited size of the Greek economy, the greater risk may be yet to come. Data provider Dealogic's latest report shows that in the first quarter of this year, the European sovereign bond issuance both the number and size of a new record high, particularly in the larger financial gap faced by Greece, Spain and Portugal and other countries.

And Jean-Claude Trichet and others concerned to participate in IMF aid of a euro-zone countries, could undermine the credibility of the euro area.

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