Another EU snafu in the making

[s2art]

The EU finally agreed a rescue plan of some 750 billion euros (approx half grants, half cheap loans)

Problem is the worst hit countries need that extra money yesterday.

So , from John Redwood:

Any country wanting a grant or loan will need to send in a Plan and detailed proposals and receive EU approval. Money will only be released where there is target monitoring and performance reporting in place. Payments will be phased with review of progress before further release of cash. This reflects the worries of the states opposing the original scheme.

I doubt much money gets out this year. They should have had a fast track mechanism for bad cases.