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European Leaders Expand Bailout Fund

   VOA News  March 12, 2011
   European  Commission President Jose Manuel Barroso, left, and European
   Council  President Herman Van Rompuy participate in a media conference
   at an EU Summit in Brussels, March 12, 2011

Photo: AP

   European  Commission President Jose Manuel Barroso, left, and European
   Council  President Herman Van Rompuy participate in a media conference
   at an EU Summit in Brussels, March 12, 2011

   Leaders  of the 17 European nations which use the euro currency agreed
   Saturday  to  nearly  double the size of the bailout fund used to help
   member states experiencing financial difficulties.
   Under  the  deal  reached during a summit in Brussels, the capacity of
   the  fund,  formally called the European Financial Stability Facility,
   increases from about $350 billion to more than $600 billion.
   The  leaders  also agreed to lower the interest rate on a $110 billion
   bailout loan to Greece.
   Greece  will  also  have 7.5 years instead of three to repay the loans
   from European Union and  International Monetary Fund.

   Some information for this report was provided by Reuters.

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