EU leaders agree on sovereign debt fund

Last updated 09:18 17/12/2010

Relevant offers

World

Denmark plans change to moneyless shops McDonald's to test out serving kale Facebook's Sheryl Sandberg emerges to speak at husband David Goldberg's memorial Record bets as Mayweather Pacquiao fans hit casinos The Queen meets newborn Princess Charlotte in a flying visit The Indonesian case for executing for drug traffickers Reserve Bank of Australia cuts official cash rate to record low 2% at May meeting SurveyMonkey's David Goldberg died in treadmill accident Alibaba pulls job ad for people looking like Japanese porn actress Sora Aoi Freed Nigerian women tell of horror of Boko Haram captivity

European Union leaders have agreed to make minor changes to the EU's governing treaty to set up a permanent mechanism from mid-2013 to resolve sovereign debt problems, diplomats said.

The leaders agreed to insert two sentences into the treaty stating: "The member states whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro as a whole.

"The granting of any required financial assistance under the mechanism will be made subject to strict conditionality."

EU Council President Herman Van Rompuy has said he wants member states to begin work on securing ratification for the changes by national governments next year, so that the amendments can come into force from January 2013 and the fund can be active from mid-2013.

Ad Feedback

- Reuters

Special offers

Featured Promotions

Sponsored Content