Calls for enlargement of euro rescue fund
The European Commission president Jose Manuel Barroso on Wednesday called on member states to move quickly to increase the size of the EU's euro crisis fund.
Thursday, 13.01.2011.
09:48
The European Commission president Jose Manuel Barroso on Wednesday called on member states to move quickly to increase the size of the EU's euro crisis fund. This follows increased concerns that further eurozone countries will require a bail out, Deutesche Welle reports. Calls for enlargement of euro rescue fund He suggested that the European heads of government could decide to enlarge the 440-billion-euro ($570 billion) European Financial Stability Facility (EFSF) as early as their next meeting on February 4. "We believe that the financing capacity must be reinforced, the scope of activities of the EFSF should be widened," Barroso said. His comments came as Portugal succeeded in placing a new round of government bonds worth 1.25 billion euros, but only at high rates of interest. Portugal has continued to deny that it requires a rescue package similar to those which have been provided for Greece and Ireland. But there are fears that Portugal, Spain and possibly Belgium and Italy may still need bail-outs. Analysts argue that the fund needs to be bigger to calm market concerns. The crisis fund is a temporary measure designed to help countries in financial difficulties ahead of the establishment of a permanent mechanism in 2013. The temporary fund totals 750 billion euros when contributions from the entire EU and the International Monetary Fund are added.
Calls for enlargement of euro rescue fund
He suggested that the European heads of government could decide to enlarge the 440-billion-euro ($570 billion) European Financial Stability Facility (EFSF) as early as their next meeting on February 4."We believe that the financing capacity must be reinforced, the scope of activities of the EFSF should be widened," Barroso said.
His comments came as Portugal succeeded in placing a new round of government bonds worth 1.25 billion euros, but only at high rates of interest. Portugal has continued to deny that it requires a rescue package similar to those which have been provided for Greece and Ireland.
But there are fears that Portugal, Spain and possibly Belgium and Italy may still need bail-outs. Analysts argue that the fund needs to be bigger to calm market concerns.
The crisis fund is a temporary measure designed to help countries in financial difficulties ahead of the establishment of a permanent mechanism in 2013. The temporary fund totals 750 billion euros when contributions from the entire EU and the International Monetary Fund are added.
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