Europe is the story of the day, of the week and indeed of this year, the year that's about to end. On December 9, the 27 member eurozone made a brave attempt to ensure that the euro will survive. They committed to fiscal austerity and agreed that sanctions against them will automatically apply if their budget deficit exceeds 3%.
They also gave an additional 200 billion euros to the International Monetary Find (IMF) to lend to distressed European sovereigns. They also brought forward a planned European stability mechanism fund which has a kitty of 500 billion euros which can be lent to distressed banks and sovereigns. So, that really is the game plan, lets hear from one of the actors.
On the sideline of the Summit, the managing director of the IMF Christine Lagarde said,
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