Euro Bail Out Fund Agreed
Published / Last Updated on 24/03/2011
Euro Bail Out Fund Agreed.
During a summit in Brussels, European leaders have agreed a restructuring of a financial bail-out fund that they hope will resolve the debt crisis.
The creation of a permanent fund - the European Stability Mechanism, is designed to help troubled eurozone countries. The agreement will require 80bn euros of cash provided by eurozone countries in five equal annual instalments. There will be a further 620bn euros in guarantees.
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