Euro bailout funds unlikely to reach $1.3 trillion

GMT 08:49 2012 Friday ,30 March

Arab Today, arab today Euro bailout funds unlikely to reach $1.3 trillion

Copenhagen - SPA


Arab Today, arab today euro bailout funds unlikely to reach 13 trillionSeveral European finance chiefs say the 17 countries that use they euro are unlikely to boost their financial backstop to the Euro 1 trillion ($1.3 trillion) demanded by many of their international partners, AP reported.
Several international institutions, as well as the U.S. and China, want the eurozone to significantly increase its defenses against a debt crisis that has been haunting the currency union for more than two years.
But Jean-Claude Juncker, the prime minister of Luxembourg who also chairs the meetings of eurozone finance ministers, said Friday "we are a slice away" from increasing the bloc's bailout funds to Euro 1 trillion.
Finnish Finance Minister Jutta Urpilainen meanwhile said a proposal from the EU's executive that calls for a lending capacity of Euro 940 billion "is too high" for his country.

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