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Europe approves massive bailout package

Europe approves massive bailout package 10 May 2010 European Union finance ministers have agreed on a rescue deal worth more than 500 billion euros ($717 billion) to stop the financial crisis in Greece from spreading to other fragile EU economies. In an emergency meeting, EU finance ministers pledged to do "whatever it takes" to underpin the sinking euro currency and to prevent a second phase of the global financial crisis. The enormity of the combined guarantee mechanism is reminiscent of the global emergency leading up to the collapse of Lehman Brothers in September 2008.