Markets Warm to Euro Bailout Plan
Stock traders in Asia and Europe seemed to like the news that European governments will coordinate with one another as they throw cash at troubled banks. The euro zone plan was announced on the heels of similar British and American schemes.
EU leaders wanted to hatch their framework before Asian and European markets opened on Monday, and so far they have been rewarded for their promptness.
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European and Asian markets have rallied in response to efforts by world leaders to stem the recent financial turmoil.
London’s FTSE 100 index and France’s Cac 40 index both jumped more than 5% — tracking earlier gains on Asian markets. Bank shares led the advance.
Major central banks also made extra funds available and said they would take “whatever measures necessary” to end the crisis.
EU leaders said on Sunday no big bank would be be allowed to fail.
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