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EU ministers agree on euro defense package
(Agencies)
Updated: 2010-05-10 09:31
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French Finance Minister Christine Lagarde (R)?greets Greek Finance Minister George Papaconstantinou during an emergency meeting of EU finance ministers in Brussels, Sunday, May 9, 2010. [Agencies]
BRUSSELS–Spain's Finance Minister?Elena Salgado says an agreement has been reached on a defense package of up to euro720 billion for the embattled euro involving the EU and the International Monetary Fund.
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Elena Salgado said early Monday that under the aid plan, the EU Commission make euro60 billion ($75 billion) available while countries from the 16-nation eurozone would promise bilateral backing for euro440 billion ($570 billion).
The International Monetary Fund would contribute an additional sum of up to 220 billion euros.
