Ireland's 85B euro Loan Approved but Market Optimism Appears Short-lived

Commodity prices climbed in Asian session on Monday as the EU formally approved the 85B euro rescue package for Ireland. Meanwhile, European financial ministers have drafted a plan to deal with any post-2013 debt crisis. The so-called crisis-resolution mechanism is based on a German/French proposal which would include 'collective action clauses' and losses would e determined on a case by case basis with the involvement of the IMF.

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Ireland's 85B euro Loan Approved but Market Optimism Appears Short-lived