SAN FRANCISCO (MarketWatch) -- European Union leaders agreed on Thursday to work on the creation of a permanent fund for future crises, according to media reports. The mechanism will take effect in 2013 and is likely to be larger than the temporary 440-billion-euro European Financial Stability Facility, the Wall Street Journal reported. http://www.marketwatch.com/story/eu-to-set-up-permanent-crisis-fund-reports-2010-12-16-1417380
* begin gastropod interpretation * We fully expect the EU's problems to have played out fully by 2013 and at that point we will set up a "permanent solution" that will "prevent" such a crisis from happening in the future...well, one that only hoses the public as little as these last crises that is!" * end gastropod interpretation * -g
Remember the US had a crisis fund (I think a 33 cent bbl tax, after the exxon incident) to deal with oil spill cleanups. When the BP spill arrived the fund was "empty". Probably the same thing will happen with this crisis fund.