France agreed to provide 111 billion euro to rescue the Old World

France was generous enough

In brief: France is similar to Joana d'Arc. Paris agreed to help Europe deal with massive debts.

France’s lower house of parliament approved the country’s participation in the stabilization mechanism of the European Union and the International Monetary Fund, totaling 750 billion euro. “Contribution” of France in this mechanism to stabilize the single European currency, amounted to 111 billion euro.

462 deputies of the National Assembly of France voted in favor of the bill and 33 – against. Now the bill goes before the upper house of parliament – the Senate of France. The finance ministers of the European Union on May 9th 2010. decided to create a European mechanism for the stabilization capacity of 750 billion euros (nearly 1 trillion dollars). The decision was taken after 11 hours of negotiations in Brussels. This measure was a response to the EU to the Greek debt crisis that has been ongoing since the beginning of the year weakened the single European currency and the threat of debt problems in Portugal, Spain, Ireland and Italy.

EU member states to allocate a stabilization mechanism of 500 billion euros, of which 60 billion euros will go to anti-crisis reserve fund, and another 440 billion euro state guarantee for extra credit, which could be potentially problematic for European countries highlighted in the case of worsening debt crisis. Finally, to 250 billion euros may enter through the IMF. In this case it is not a stabilization fund with the “live” money, namely, the stabilization mechanism, which can be activated at any time. The effect of this mechanism is designed for 3 years.

Ukrainian Globalist
2010-06-01 17:50, Economics.

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