The 16 nation economy has emerged of silence and stood strong and steady to prevent the escalation of fears that might indeed force other euro indebted nations behind Greece.

As the EU announced the introduction of a new loan program worth 750 billion euros, the ECB also announced plans to intervene in the market by buying government bonds where ECB President Jean-Claude Trichet will hold a press briefing in Basel later today.

Nonetheless, the measures to shore up confidence in the euro area and across global markets are already being implemented. The euro area central banks have started buying government bonds in their step to ease the sovereign crisis from spreading as it sent yields surging in the past period and skyrocketed nations borrowing costs which increases the likelihood for them to default.

A spokesman for the Frankfurt based Germany's Bundesbank said we confirm that we are buying today. Both Bank of Italy and Bank of France confirmed similar steps and started their purchases of government bonds.

The ECB did not provide details and we are waiting for comments from Trichet to clear the expectations for the market. In the decision announced at 03:15 AM this morning no details were available yet the positive effect has already been absorbed.

Along with the unprecedented decision to buy bonds, the ECB revitalized the use of facilities introduced during the financial crisis which they already were fazing out gradually. They are offering 3 and 6 month loans to banks again and reactivating the swap line with the Federal Reserve and are selling unlimited amounts of seven and 84 days of US currency and the first operation will be taking place this week.