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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 28 March 2012 [View all]xchrom
(108,903 posts)44. Europe set to speed up building of new bailout
http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-03-28-08-03-47
BRUSSELS (AP) -- The 17 countries that use the euro are debating building up their new rescue fund to its full (EURO)500 billion ($670 billion) capacity faster than originally planned as part of a broader plan to beef up the currency union's financial firewalls.
The European Stability Mechanism will have a capital base of (EURO)80 billion, paid in by eurozone governments. This (EURO)80 billion - together with (EURO)620 billion in a form of payment guarantees from the member governments - can then be used to raise up to (EURO)500 billion on financial markets and with banks.
Under current plans, the countries' capital payments into the fund would be spread out until 2015. Two installments worth a total of (EURO)32 billion would be paid in this year, while the remaining (EURO)48 billion would come in three annual (EURO)16 billion slices.
That would mean that, when it comes into force in July, the ESM would only be capable of lending out some (EURO)200 billion in new rescue loans.
BRUSSELS (AP) -- The 17 countries that use the euro are debating building up their new rescue fund to its full (EURO)500 billion ($670 billion) capacity faster than originally planned as part of a broader plan to beef up the currency union's financial firewalls.
The European Stability Mechanism will have a capital base of (EURO)80 billion, paid in by eurozone governments. This (EURO)80 billion - together with (EURO)620 billion in a form of payment guarantees from the member governments - can then be used to raise up to (EURO)500 billion on financial markets and with banks.
Under current plans, the countries' capital payments into the fund would be spread out until 2015. Two installments worth a total of (EURO)32 billion would be paid in this year, while the remaining (EURO)48 billion would come in three annual (EURO)16 billion slices.
That would mean that, when it comes into force in July, the ESM would only be capable of lending out some (EURO)200 billion in new rescue loans.
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