by Calculated Risk on 5/08/2010 08:30:00 AM

From Bloomberg: EU to Set Up Fund to Prevent Spread of Greek Crisis

European leaders agreed to set up an emergency fund ... European officials declined to disclose the size of the stabilization fund, to be made up of money borrowed by the European Union’s central authorities with guarantees by national governments. Finance ministers will meet at 3 p.m. tomorrow in Brussels to flesh out the details. A press briefing is scheduled for 6 p.m.
...
“When the markets re-open Monday, we will have in place a mechanism to defend the euro,” French President Nicolas Sarkozy said. “If you don’t think that’s significant, you haven’t been to many EU summits.”

Promises, promises ...