The Solution?

The European Union (EU) and International Monetary Fund (IMF) announced a plan that comes straight out of the United States’ playbook: smother debt flare-ups with truckloads of “free money” while the central bank manipulates rates.

European leaders unveiled a $957 billion plan to save themselves and their currency. Here’s quick and dirty:

• The EU will pony up $560 billion in new loans and $76 billion in existing deals for the GIIPS nations (as we’ve taken to calling them… no reason to give pigs such a bad rap)
• The IMF says its ready with $321 billion
• The European Central Bank (ECB) has abandoned its old stance (and credibility) by launching a program to purchase government and corporate debt.