[b]
Where is IMF getting the funds from ? WGS perhaps ?[/b]
http://www.bloomberg.com/news/2011-11-27....italy-plan.html
Euro Advances After Report of IMF Italy Plan
The euro rose after Italian daily La Stampa said the International Monetary Fund is preparing a 600- billion euro ($799 billion) loan for Italy in case the debt crisis worsens, without saying where it got the information.
The 17-nation currency also advanced against the yen as German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline to calm markets. The Australian dollar advanced as optimism a solution may be found for the euro-area’s debt woes boosted demand for higher-yielding currencies. New Zealand’s dollar, also known as the kiwi, climbed after Prime Minister John Key was re-elected with his party’s biggest mandate in 60 years.
“It does appear that these sort of noises would give the European Central Bank the cover it needs to implement a policy where it is essentially able to be a lender of last resort,” said Greg Gibbs, a currency strategist at Royal Bank of Scotland Group Plc in Sydney. “The spike will come in currencies like the Aussie dollar if there’s some credence in it, and the euro can rally somewhat as well.”
The euro rose 0.5 percent to $1.3309 as of 8:51 a.m. in Tokyo from $1.3239 on Nov. 25, when it completed a 2.1 percent weekly decline. The shared currency climbed 0.5 percent to 103.40 yen. The greenback fetched 77.69 yen from 77.73 yen.
Australia’s dollar gained 1.3 percent to 98.36 U.S. cents and New Zealand’s currency advanced 1.4 percent to 75.08 cents.
The IMF money would give Italy’s Prime Minister Mario Monti 12 to 18 months to implement policy changes without having to refinance the country’s existing debt, the Italian daily reported. Monti could draw on the money if his planned austerity measures fail to stop declines in Italian debt, La Stampa said.
Where is IMF getting the funds from ? WGS perhaps ?[/b]
http://www.bloomberg.com/news/2011-11-27....italy-plan.html
Euro Advances After Report of IMF Italy Plan
The euro rose after Italian daily La Stampa said the International Monetary Fund is preparing a 600- billion euro ($799 billion) loan for Italy in case the debt crisis worsens, without saying where it got the information.
The 17-nation currency also advanced against the yen as German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline to calm markets. The Australian dollar advanced as optimism a solution may be found for the euro-area’s debt woes boosted demand for higher-yielding currencies. New Zealand’s dollar, also known as the kiwi, climbed after Prime Minister John Key was re-elected with his party’s biggest mandate in 60 years.
“It does appear that these sort of noises would give the European Central Bank the cover it needs to implement a policy where it is essentially able to be a lender of last resort,” said Greg Gibbs, a currency strategist at Royal Bank of Scotland Group Plc in Sydney. “The spike will come in currencies like the Aussie dollar if there’s some credence in it, and the euro can rally somewhat as well.”
The euro rose 0.5 percent to $1.3309 as of 8:51 a.m. in Tokyo from $1.3239 on Nov. 25, when it completed a 2.1 percent weekly decline. The shared currency climbed 0.5 percent to 103.40 yen. The greenback fetched 77.69 yen from 77.73 yen.
Australia’s dollar gained 1.3 percent to 98.36 U.S. cents and New Zealand’s currency advanced 1.4 percent to 75.08 cents.
The IMF money would give Italy’s Prime Minister Mario Monti 12 to 18 months to implement policy changes without having to refinance the country’s existing debt, the Italian daily reported. Monti could draw on the money if his planned austerity measures fail to stop declines in Italian debt, La Stampa said.