Friday August 7, 2020

EU 'firewall' capped at €800 billion

European governments have capped fresh rescue lending at €500 billion, after a Germany-led coalition opposed a further expansion of the region’s anti-crisis firewall.

30th March, 2012

European governments have capped fresh rescue lending at €500 billion, after a Germany-led coalition opposed a further expansion of the region’s anti-crisis firewall.

Adding the €300 billion already committed to Greece, Ireland and Portugal, eurozone finance ministers put the overall size of the firewall at €800 billion. In a statement, they ruled out using the €240 billion left in the temporary rescue fund to go beyond that.

“This sum is important,” Austrian Finance...

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