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Sunday, May 09, 2010

Report: €560 Billion Bailout

by Calculated Risk on 5/09/2010 04:46:00 PM

From Von M. Winter u. C. Hulverscheidt at 560 Milliarden für klamme Euro-Staaten. Google Translation:

The euro countries want to defend their common currency with an aid package amounting to 560 billion € against speculators. ... The exact distribution of funds was initially fixed yet, in conversation, a proportion of about 350 billion euros for the euro countries and € 150 billion for the IMF.
Note: "Extraordinary meeting" of EU finance ministers Press Conference has been delayed. The Press Conference will be here.

Update: from Charlemagne's notebook at the Economist: (ht Brock Sampson)
UPDATE at 23.00pm local time. A colleague from the Guardian has seen the paper being discussed by the ministers upstairs. This talks of €440 billion from eurozone members, plus the €60 billion that the commission can raise from the EU budget. A further sum, unspecified, would come from the IMF. The draft paper also specifically demands additional budget consolidation efforts from Spain and Portugal, amounting to 1.5% of national income this year and 2% next year.