Germans are not happy a day after the European Central Bank moved to support Eurozone nations, like Greece, who are deep in debt.

“The credibility of the European Central Bank is on the line following a decision to intervene in financial markets under a eurozone rescue plan. ECB president Jean-Claude Trichet claims he had no other option.” (from DW-World.de)

“Trichet has been under fire ever since eurozone finance ministers agreed over the weekend to launch an unprecedented aid package worth 750 billion euros ($1 trillion). The scheme is designed to rescue the euro as the effects of the Greek fiscal crisis spill over into other indebted nations in the eurozone. In a nutshell, it allows the ECB to buy government bonds issued by eurozone nations in financial trouble.”

READ MORE

Related articles by Zemanta

• “Trichet “Bluff” Called as ECB Joins Quantitative Easing, Bails Out Eurozone Banks” and related posts (rosemanblog.sovereignsociety.com)
• Trichet: ECB remains fiercely, totally independent (sfgate.com)