BRUSSELS, May 8 (UPI) — A fund that would buffer European countries against Greece’s debt crisis should be ready by Monday’s trading session, a European Union official said.
The European Commission will “discuss and adopt” details of the fund officials hope will fend off market predators threatening the eurozone, where 16 EU members use only the euro as their legal tender, a EU official told Radio France Internationale Saturday.
The proposal, expected to raise about 70 billion euros ($89 billion), will be presented to the Council for the European Stabilization Mechanism “to preserve financial stability in Europe,” the European Union said.
“Between now and Sunday night we will have a watertight line of defense in the eurozone,” EU finance chief Jean-Claude Juncker said Saturday.
A so-called “nuclear option” of introducing emergency provisions for buying governments’ debt hasn’t been ruled out, Italian Prime Minister Silvio Berlusconi said.
The European Union and the International Monetary Fund have agreed to a loan package of $143 billion to help Greece climb out of debt. Each of the 27 EU member states needs to ratify their pro-rated contributions.
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