From Page One of today's Buffalo News
- Fed opens credit line for Europe amid crisis - AP/Buffalo News
The Federal Reserve on Sunday opened a program to ship U. S. dollars to Europe in a move to head off a broader financial crisis on the continent.
The move came on the same night that European finance ministers agreed on a package of nearly $1 trillion to bolster the troubled euro.
Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the Fed’s effort.
- Who is Europe really bailing out? - Ezra Klein/The Washington Post
The way people understand the European crisis is that a few countries hold much too much debt. But you can flip that around, too: Many banks loaned a few countries much too much money. And if those banks don't get paid back, they're going to go insolvent, and the banking system is going to freeze.
- Dow Aims for Biggest Point Gain of Year - Kristina Peterson/The Wall Street Journal
U.S. blue-chip stocks barreled toward their biggest one-day point gain of the year on Monday as a new nearly $1 trillion bailout package to help stabilize Europe lured investors back into riskier assets.
- Wall Street Joins Rush in Response to E.U. Plan - The New York Times
After weeks of uncertainty over the European debt crisis, Wall Street finally got what it wanted on Monday and jumped into the rally in equity markets.
- Look, Ma--No Bailouts - Michael Kinsley/The Atlantic Wire
Forbidding bailouts is like forbidding chemotherapy, in the hope that somehow this will prevent cancer.
- Oil prices fall as dollar rises - AP/Buffalo News
-- George Pyle/The Buffalo News
[Glad to accept any bailouts that come his way]