European Union Said To Be Looking At US$645bn Fund to Calm The Sovereign Debt Crisis
European Union (EU) finance ministers were reported to have agreed to set up an unprecedented loan package worth at least US$645bn to prevent Greece’s fiscal woes from spreading and shattering confidence in the euro. In seeing last week’s slide in the euro to a 14-month low and soaring bond yields in Portugal and Spain, the Euroland governments sketched out plans to make €440bn (US$570bn) available, with €60bn more from the EU’s budget, according to people familiar with it. The International Monetary Fund (IMF) is asked to provide an unspecified additional sum as well.
The World Economy... - 10/5/2010
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