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Eurozone finance ministers agree on financial rescue package

06-08-2010 07:52 BJT

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Eurozone finance ministers have agreed on the final details of the 750-billion euro bailout fund to prevent the spread of the continent's debt crisis.

Meeting in Luxemburg on Monday, the ministers, moved to set up, the European financial stability facility for borrowing money from financial markets.The facility, which operates through a special purpose vehicle,aims to borrow up to 440 billion euros with guarantees from eurozone countries.

The facility, is the largest bulk of the 750-billion euro, rescue package agreed by EU finance ministers on May the 10th.

Among that amount, the European Commission would also raise 60 billion euros and the International Monetary Fund would contribute about 250 billion euros.

Eurozone finance ministers have agreed on the final details of the 750-billion euro bailout fund to prevent the spread of the continent's debt crisis.
Eurozone finance ministers have agreed on the final details of the
750-billion euro bailout fund to prevent the spread of the 
continent's debt crisis.

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