Friday, March 30, 2012

Euro zone pumps up bailout fund to nearly $1 trillion

BERLIN — European finance ministers agreed on Friday to bolster the total capacity of their bailout funds to $933 billion, a temporary measure to convince investors that they are serious about helping struggling countries repay their debts.

After meeting in Copenhagen, the euro zone finance ministers announced that they would substantially increase their commitments for a new permanent bailout fund to $667 billion. They said they will also make available an additional $267 billion from an earlier bailout until mid-2013.
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