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French cabinet agrees on stabilization fund for eurozone

05-20-2010 10:27 BJT

PARIS, May 19 (Xinhua) -- The French cabinet on Wednesday adopted an amended budget plan for 2010 that allows France to make a contribution of 111 billion euros (137.7 billion U.S. dollars) in the mechanism for the stabilization of the euro area, the Elysee Palace said in a statement.

On May 9, the finance ministers of the European Union agreed in Brussels to set up a stabilization mechanism to refinance eurozone members in crisis.

This intergovernmental instrument presented a fund of 440 billion euros, to which each eurozone member "provides a guarantee proportional to its share of the free capital in the European Central Bank (ECB)," according to the statement.

"The bill sets a cap for France to guarantee 111 billion euros, which represents the share of France in the ECB's free capital increased by 20 percent, or 25.2 percent in fund," according to an account published by the Elysee.

This amended budget draft needs to be submitted to parliament houses for approval.

On Tuesday, the president of the National Assembly, Bernard Accoyer, said that the lower house of French parliament was expected to examine the draft on May 31.

Editor:Zhang Ning |Source: Xinhua

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