Bahraini blogger Mahmood al-Youssif wrote

Luxembourg's central bank chief YvesMersch used the term "very high Rosetta Stone V3 vigilance" to describe thebank's approach and Italy's Mario Draghi said policymakers stoodready to act in a "firm and timely way".Higher rates could make it more difficult for the economiesof Greece, Ireland and Spain to recover as all have a highpercentage of floating rate mortgages, fragile banking sectorsand major budget consolidation programmes in place. The hawkish talk from ECB officials came as European financeministers met in Brussels to hammer out the final details of adeal that is expected to be approved by EU at a two-day summitin Brussels that starts on Thursday. "I can tell you we have an agreement on all elementsrelating to the ESM and I am delighted that that's the case,"Jean-Claude Juncker, head of the Eurogroup forum of euro zonefinance ministers, told a news conference, referring to theEuropean Stability Mechanism. He said the 500 billion euro rescue facility, which willtake the place of the bloc's current EFSF fund from mid-2013,would be backed up by a combination of capital and guaranteestotalling 700 billion euros Rosetta Stone language software. Unlike the European Financial Stability Facility (EFSF), theESM will be able to buy the bonds of euro members in the primarymarket but only in exceptional circumstances. It also sets thestage for private bond holders to share the pain in the eventmember states require debt relief. The meeting failed to reach a compromise with Finland onboosting the EFSF to its full capacity of 440 billion euros, anissue which is likely to be taken up by the leaders. They will also examine better loan terms for Ireland, whichwas forced into an 85 billion euro EU/IMF rescue late last year,largely because of huge losses at its banks. Germany, France and other euro zone members want Dublin tosign up to an agreement on harmonising corporate tax base rulesbefore reducing the interest rates Dublin pays on its EU aid. "Today we decided nothing on Ireland because we had noindication from our Irish colleague of any kind ofmodification," French Economy Minister Christine Lagarde said. Earlier, EU sources told Reuters that the 35 billion eurosset aside for Ireland's Rosetta Stone Spain Spanish troubled banks might not be enough tocover losses at institutions whose rampant property lendingduring the "Celtic Tiger" years boomeranged when the globalfinancial crisis hit.

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