Ireland Gets 85 Billion Euro Package(Bloomberg) Bloomberg's lede graf provides a good index of the sentiment: "European governments sought to quell the market turmoil menacing the euro, handing Ireland an 85 billion-euro ($113 billion) aid package and diluting proposals to force bondholders to bear some cost of future bailouts."
Four words— 'sought', 'quell', 'turmoil', and 'menacing' —would seem to capture the current tone of the markets in Europe. Also, German Chancellor Angela Merkel's initial insistence on haircutting Irish bondholders would appear to have been removed. But: "The twin decisions were not enough to placate investors today that the crisis is now contained. Irish 10-year bonds erased an early advance, European stocks and the euro declined and the cost of insuring the debt of Spain and Portugal against default soared to record highs." Investors seem to believe that if you plug the hole in Ireland, the fear just migrates south and east.
Greece Bailout Repayment Timeline Extended (CNBC via Reuters) Greece will have an additional six years to pay back its 110 Billion Euro bailout loan to the EU and IMF. The loan, which was originally due to be repaid in 2015, has been extended to 2021. In exchange for the extension, Greece will pay another 30 basis point of interest – bringing the total rate to 5.8 percent, from an initial interest rate of 5.5 percent. The plan has been agreed to informally, with details expected to emerge after a formal agreement during the next Eurogroup and Ecofin councils on Dec 6-7.