The EU today approved the permanent fund to rescue countries
| Date: May 9, 2010 | Source: Europa Press |
| Category: Economy | |
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Loading ... The finance ministers of the EU meet in special session Sunday in Brussels in order to approve the creation of a permanent fund to bail out bankrupt countries or facing speculative attacks on its debt, as those who are suffering Portugal or Spain after the rescue of Greece.
The launch of this fund was agreed by the Summit of Heads of State and Government of the Eurogroup meeting on Friday and now need to specify what role will assume the European Central Bank (ECB).
The Bank could buy government bonds, accept low grade debt as collateral and liquidity injections to resume a suspended one-year in December, diplomatic sources said.
European leaders made a pact on Friday in an extraordinary summit a "European stabilization mechanism to preserve financial stability in Europe" in an attempt to curb speculative attacks against Portugal, Spain and the euro that occurred last week and that destabilized financial markets worldwide.
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