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Report: ?560 Billion Bailout

By Anonymous

From Von M. Winter u. C. Hulverscheidt at sueddeutsche.de: 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.

Full post as published by Calculated Risk on May 09, 2010 (boomark / email).