Press Conference has started. Note: 9:03 PM ET: Press conference is over. There will be an archived video soon.
Signed Greek deal. Create €60 billion fund based on article 122 (special circumstances). Plus create Special Purpose Vehicle for 3 years (SPV) based on intergovernment agreement. The additional amount is up to €440 billion, so €500 billion – plus a contribution from the IMF up to half of European Union contribution (up to €220 billion). Plus apparently agreements from Portugal and Spain to take steps to reduce deficit.
UPDATE: ECB to take significant steps (hasn’t been announced yet). EU representative said ECB will be buying secondary securities – but wait for ECB for announcement.
UPDATE2: There is a €30 billion IMF portion to the initial fund – so the total is €750 billion. The ECB announcement tonight could be significant.
Links:
Bloomberg: EU Crafts $928 Billion Show of Force to Halt Crisis
WSJ: EU Approves €720 Billion Bailout
Bloomberg: Rehn Says ECB Has Decided to Intervene in Secondary Market
