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Doubts linger over EU efforts to curb debt crisis


21:02, December 09, 2011

BRUSSELS, Dec. 9 (Xinhua) -- EU leaders agreed on a new fiscal pact in the euro zone instead of the 27-nation bloc early Friday despite high expectations that this week's summit would put Europe's spiraling debt crisis at bay.

The failure to agree on a treaty change to enshrine tougher budget discipline in the bloc's basic law anticipates a bumpy road toward integration among the 27-nation bloc.

Diplomats said they also agreed that the bloc's future permanent bailout fund, the European Stability Mechanism (ESM), would be capped at 500 billion euros (666 billion U.S. dollars), less than had been expected earlier.

It was also agreed that EU countries would provide up to 200 billion euros in bilateral loans to the International Monetary Fund (IMF) to help it tackle the crisis, with 150 billion euros coming from euro countries.

The deal throws into question whether the immediate rescue plan is sufficient to prevent the sovereign debt crisis from spreading. That,economists said, is essential to restoring market confidence and stabilizing the European economy.

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PD User at 2011-12-11124.13.107.*
China is fortunate to be able to hold so many provices together under one leadership. Europe would wish it could have done so too.But then there are still pockets of starry-eyed western arse-lickers who would go all out to spoil China"s name.Sigh!

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