Friday, March 25, 2011

EU agrees on permanent bailout fund


Source: Press TV
http://www.presstv.ir/detail/171576.html

The European Union leaders have agreed on the final terms of its permanent bailout fund to use it as a mean to rescue any member country that may face financial crisis in the future.

The decision came at a meeting of the EU heads of state in Brussels on Thursday, a Press TV correspondent reported.

The permanent bailout instrument will be put in place in 2013 to rescue, if necessary, the countries using the euro currency.

The leaders agreed that eurozone nations will start contributing to the fund in 2013 over the course of five years.

They also decided on the exact amount the fund will be able to loan.

“We will make sure that 500 billion euro is available with a tipple A status. we have agreed to ensure that the temporary facility as an effective lending capacity of 440 billion euro will be in place in June,” European Council President Herman Van Rompuy told reporters.

The leaders also agreed to increase economic coordination in the eurozone in areas such as taxation and retirement policy.

Currently, the 17 nations that use the euro have different rules on those things, making it hard for them to sustain a common currency.

The meeting also led to an agreement for greater economic surveillance of the EU's national economies.

The eurozone's temporary rescue facility, which currently has 250 billion euros, will expire in 2013.

The temporary instrument was established last year to rescue two eurozone members - Greece and Ireland. Economists agree that having these bailout funds is important.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab