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New Crisis Fund
Source: Agencies |
February 16, 2011, Wednesday
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Print Edition
Print Edition
EUROPEAN finance ministers decided to provide 500 billion euros (US$674 billion) for a new crisis fund that will come into force in 2013, but continued to fight over the best way to combat the current debt crisis that has crippled the eurozone over the past year.
The ministers on Monday "agreed on the provisional volume of 500 billion euros, which will be revised every other year," said Jean Claude Juncker, the prime minister of Luxembourg.
Additional financing for the so-called European Stability Mechanism will come from the International Monetary Fund.
The ministers on Monday "agreed on the provisional volume of 500 billion euros, which will be revised every other year," said Jean Claude Juncker, the prime minister of Luxembourg.
Additional financing for the so-called European Stability Mechanism will come from the International Monetary Fund.
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