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Power and law

Euro zone ministers outline measures to stop contagion

14 Jul 2011 | Power and law
Euro zone ministers outline measures to stop contagion
BRUSSELS -- Euro zone finance ministers promised cheaper loans, longer maturities and a more flexible rescue fund to help Greece and other EU debtors in a bid to stop financial contagion engulfing Italy and Spain. They also declined to rule out the possibility of a selective default by Greece to make its debt mountain more sustainable, despite the European Central Bank's fierce opposition, one participant said. After talks on Monday following another day of turmoil on financial markets, ministers from the 17 countries that share the European currency vowed to safeguard stability in the euro area and promised new measures "shortly," but set no deadline. "Ministers stand ready to adopt further measures that will improve the euro area's systemic capacity to resist contagion risk, including enhancing the flexibility and the scope of the EFSF, lengthening the maturities of the loans and lowering the interest rates, including through a collateral arrangement where appropriate," they said in...

Rubric news Power and law

  • Aquino boasts of business gains from Brunei trip
    Aquino boasts of business gains from Brunei trip
    3 Jun 2011 | Power and law
    MANILA, Philippines - President Benigno Aquino III has boasted of business opportunities generated by his official state visit to Brunei. He returned to the Philippines on Thursday afternoon, with his chartered flight arriving at the Villamor Air Base at 5 p.m. Aquino, in his arrival statement, said...
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