Pardon while we chuckle, because $1 trillion, let alone $6 trillion, is never going to happen in Europe. Where do they plan to get the money, Euro Claus?
Consisdering that the current proposal being voted on by all 17 Eurozone members calls for a fund of less than $500 billion, this new number, though more realistic in terms of the size needed to fix the problem, is a political impossibility, especially given the popular resistance among voters in France and Germany to bailouts for irresponsible neighboring countries.
Many European policymakers are beginning to envisage the fund, known formally as the European financial stability facility, as a nascent eurozone treasury that could sit alongside the European Central Bank. It would be quickly tapped to deal with crises without relying on national parliaments, which cannot act at the speed demanded by markets.