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EU Finance Ministers Agree on Euro Stabilization Package

   VOA News 09 May 2010
   From  left,  Luxembourg's  Economy Minister Luc Frieden, Greek Finance
   Minister  George  Papaconstantinou,  Austrian  Finance  Minister Josef
   Proell,  and  Portuguese Finance Minister Fernando Teixeira Dos Santos
   speak during an emergency meeting of EU finance mini

Photo: AP

   From  left,  Luxembourg's  Economy Minister Luc Frieden, Greek Finance
   Minister  George  Papaconstantinou,  Austrian  Finance  Minister Josef
   Proell,  and  Portuguese Finance Minister Fernando Teixeira Dos Santos
   speak during an emergency meeting of EU finance ministers in Brussels,
   09 May 2010

   European Union finance ministers have agreed on a massive $645 billion
   package  (500 billion euro) to stabilize the euro and prevent Greece's
   debt  crisis from causing turmoil in struggling economies that use the
   currency.
   The  ministers  held  non-stop  emergency  talks  Sunday  in Brussels,
   striving  to  get  a deal finalized before most Asian markets open for
   business Monday.
   Spanish   finance   Minister   Elena  Salgado  called  the  package  a
   euro-stabilization  mechanism.   It  consists  of bilateral loans and
   loan guarantees.
   The money will come from the EU and the International Monetary Fund.
   Markets  in Tokyo and Sydney were both higher as the announcement of a
   deal was made in Brussels.
   Traders  and  investors had lost some confidence in the euro after the
   Greek financial crisis.
   The  euro's  value  plunged  four  percent  last week as global market
   worries  grew  that  the  problems  in  Greece  will  spread  to other
   financially   troubled  EU  members,  including  Spain,  Portugal  and
   Ireland.
   Sixteen EU nations use the euro as their currency.
   Salgado  also  said  Sunday that Greece will receive the first payment
   from a separate $145 billion EU and IMF bailout package before May 19.
   IMF  managing director Dominique Strauss-Kahn said the "strong action"
   to support Greece will contribute to efforts to stabilize the euro. He
   also  said the Greek government should be commended for what he called
   economically and socially "well-balanced" efforts to bring the country
   out of its financial crisis.

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