EU Moves to Shore Up Bailout Fund
Posted on Mar 25, 2011
European Union financial officials meeting in Brussels have agreed on the setting up of a permanent bailout fund, even as Portugal reportedly teeters on the precipice of financial collapse. —JCL
European leaders have agreed a restructuring of a financial bail-out fund that they hope will resolve the bloc’s debt crisis.
Eurozone ministers bowed to German demands to renegotiate the time-frame for contributions to the massive fund.
But the deal was overshadowed by concerns about Portugal and a growing row that the UK may be forced to contribute to a financial bail-out.
Portugal says it does not need aid, but many analysts say Lisbon is in denial.
AP / Daniel Roland