EU leaders agree on sovereign debt fund

Last updated 09:18 17/12/2010

Relevant offers


US firms hold $2.1 trillion overseas to avoid taxes - study Is China's economy heading for a crash? From making scarves to building an US$165m tech start-up - Melanie Perkins In Hong Kong, a crowded restaurant, a death unnoticed and 'McRefugees' IMF cuts global growth forecasts again Thousands more Air France jobs could go Ex-UN General Assembly president, five others charged in US in bribe scheme The Islamic State economy: Where the poor starve and the tax man carries a whip Wall St jumps as investors eye rate hike delay, oil up No increased medicine costs under TPPA

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