EU agrees on €200-billion loan to IMF

2011-12-09 07:10

Brussels – European Union leaders agreed to loan €200 billion (R2.2 trillion) to the International Monetary Fund (IMF) to boost its bailout facilities as part of their eurozone crisis resolution plan, EU President Herman Van Rompuy said early today.

French President Nicolas Sarkozy also confirmed the decision at the end of EU summit talks which started late yesterday and ended early this morning.

No further details were given. Earlier, diplomats had said that the money would be provided by EU central banks, with €150 billion coming from the eurozone and the rest from non-euro countries.

The loans, combined with the eurozone’s own rescue funds, are expected to provide a stronger financial firewall to shore up the European single currency.

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