SO FAR , SO GOOD: THE EURO IS HOLDING UP IN EARLY TRADING

MARKETWATCH:

The euro climbed against its major counterparts in early Asian trading Monday, after European finance ministers agreed late Sunday on a rescue package worth as much as 500 billion euros ($670 billion) aimed at containing damage from Greece's debt woes.

The European financial package was designed to ease market fears that Greece, Portugal or Spain will have to restructure their debt, a move that would have hit European banks. The European Central Bank will buy government bonds in the secondary market to support the program.

European ministers also quashed speculation that the euro zone would be forced to shrink if the crisis continued.

"We shall defend the euro whatever it takes," said Olli Rehn, the European Union's commissioner for economic affairs.

THAT'S JUST WHAT THE MARKETS WANTED TO HEAR.

NOW, ALL THAT REMAINS ARE THESE TWO HURDLES:

1. BRITAIN MUST ANNOUNCE A GOVERNMENT,
2. AND EURUPEAN NATIONS AND THE USA MUST CUT TAXES AND SPENDING.