European fund is established to halt spread of debt crisis

06/7/2010 | Bloomberg · Wall Street Journal, The

Finance ministers from across Europe agreed to establish the European Financial Stability Facility to curtail the sovereign-debt crisis that began in Greece. The facility will sell bonds backed by national guarantees, then use proceeds to lend to needy euro-area nations. "We've sent a clear signal of stability," said Austrian Finance Minister Josef Proell. "We've opened the rescue umbrella, and I'm convinced it's working."

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Bloomberg · Wall Street Journal, The

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