European policymakers agreed to offer as much as €750 billion in financial assistance to nations feeling pressures from speculators to curb the spread of the sovereign-debt crisis. The European Central Bank will purchase government and private bonds to counter "severe tensions" in some markets. "This truly is overwhelming force, and should be more than sufficient to stabilize markets in the near term, prevent panic and contain the risk of contagion," Marco Annunziata, chief economist at UniCredit, wrote in an e-mail. "This is Shock and Awe, Part II and in 3-D."
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