(As written for My Paper on 12 December 2011. Click here to enlarge)
The recently concluded EU Summit in Brussels last week answered some tough questions.
Here’s some of the highlights:
1. War-chest topped up with 200 billion Euros
The Eurozone’s central banks will contribute 150 billion Euros, while non-Euro EU states will chip in the remaining 50 billion Euros. Part of the plan is to calm global fears and attract rich nations like China to join in the rescue.
China’s response though, was muted and non-committal with Foreign Ministry spokesman Hong Lei saying that “we note Europe’s important proposals to deal with the debt crisis.” Read more…