EU finance ministers endorsed a 78 billion euro ($110 billion) financial rescue package for debt-stricken Portugal, making it the third eurozone nation to receive a bail-out since the introduction of the common currency 10 years ago.
The assistance, which is envisaged to be provided over the next three years, will come in equal parts from the European Financial Stability Facility - a temporary financial safety net for eurozone nations - the European Commission's European Financial Stabilisation Mechanism and the International Monetary Fund. They will contribute euro 26 billion each in loans and credit guarantees.
The finance ministers shared the European Commission's view that emergency aid for Portugal was necessary to "safeguard financial stability in the euro area and in the EU as a whole", they said in a statement on the opening day of their two-day meeting in Brussels.
For more: EU endorses $110 bn bailout of Portugal - Rediff.com Business
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