EU , IMF agree safety net for eurozone

    European Union finance Ministers agreed Monday on a 750 billion EU and International Monetary Fund safety net for troubled eurozone countries, in order to keep markets from targeting the weaker members of the 16 countries that use the embattled euro. Elena Salgado, Spanish Minister of Economy and Financial Affairs and Olli Rehn, EC Member in charge of Economic and Monetary Affairs, held a press conference after the financial Council meeting shortly after 3 am on Monday to . Under the three-year aid plan, the EU Commission will make 60 billion available while countries from the 16-nation eurozone would promise bilateral backing for 440 billion. The IMF would contribute an additional sum of at least half of the EU’s total contribution, or 250 billion, Elena Salgado said.

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