The Continental Economics Institute Currency Review
Sunday, November 6, 2011
A trillion euro weapon of mass destruction
Euro Finance Chiefs Focus on ‘Bazooka’ Fund as Political Turmoil Deepens
By Patrick Donahue
European finance chiefs return to Brussels today on a mission to convince global leaders that they can shield countries such asItalyand Spain from the spreading debt crisis by bulking out their bailout fund.
As political turmoil envelops governments in Athens and Rome, finance ministers from the 17-member euro area will work on the details of plans to increase the muscle of the European Financial Stability Facility. Leveraging the fund would aim ramp up its spending capacity to 1 trillion euros ($1.4 trillion).