Latest News:  
Beijing   Cloudy/Overcast    0 / 5   City Forecast

People's Daily Online>>World

EU pins hopes on IMF to boost EFSF firepower

(Xinhua)

12:33, December 01, 2011

BRUSSELS, Nov. 30 (Xinhua) -- The European Union (EU) is working to increase the resources of the International Monetary Fund (IMF) to boost the firepower of its bailout fund, a senior EU official said Wednesday.

"We are working towards having an increase of the IMF resources. We see very much eye-to-eye with the IMF's Christine Lagarde on this," said Olli Rehn, EU Commissioner for Economic and Monetary Affairs, as he arrived for a meeting of EU finance ministers.

Eurozone finance ministers Tuesday night agreed on detailed plans to leverage the European Financial Stability Mechanism (EFSF), without giving concrete figures as to how much the leverage would be, citing "rapidly worsening market conditions."

Under the plan, the EFSF fund would be used as a sort of bond insurance vehicle that would provide partial protection of 20 to 30 percent against losses on the principal of new bonds issued by a requesting member state.

The approved plan also includes an option which would create a common investment fund to attract foreign investors to buy eurozone government bonds.

However, the program seems unconvincing in the market as the euro slipped and the European stock markets fell on Wednesday.

【1】 【2】

Email|Print|Comments(Editor:实习生2)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Medvedev, Putin meet supporters in Moscow

  2. Oh deer, I think I love you

  3. Beijing experiences its 1st snow this winter

  4. Black-headed gulls migrate from Siberia to China's Kunming

Most Popular

Opinions

  1. Why is China's financial sector going global?
  2. World needs safety net against euro crisis
  3. US-Pakistan anti-terrorism coalition close to collapse
  4. China's schools on the way up
  5. What is to be done with Syria?
  6. UK mass strike shows steep learning curve
  7. China-Myanmar ties challenged by US moves
  8. China and India mustn't go for the throat
  9. Germany needs wisdom to save euro
  10. Egypt's chaos: No end in sight

What's happening in China

Full of the joys of life in prison

  1. Beijing revising housing rules
  2. Hospital head dismissed over baby scandal
  3. Injured in stable condition after blast kills two
  4. Yachting sector surfing a wave of high interest
  5. 6 schoolchildren hurt in minibus rollover accident

PD Online Data

  1. The lion dance in Guangzhou
  2. The flower fair in Guangzhou
  3. Lion dances pay New Year calls in Guilin
  4. Jiangsu´s special New Year traditions
  5. Hakka traditions in Spring Festival