Bailing out the markets – but not the people

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FT.com / Europe - Europe agrees rescue package .

Global financial authorities launched an audacious package of measures in the early hours of Monday morning – including €720bn of government-backed loan guarantees and a commitment to buy European sovereign bonds – to combat rising financial market tensions triggered by worldwide fears over public finances.

Help for Greece was nigh on impossible to find.

But now he poor bankers are in trouble the cash flows.

It was ever thus.

And that's why reform is needed.