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EU ministers agree on euro defense package

(Agencies)
Updated: 2010-05-10 09:31
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EU ministers agree on euro defense package
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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The ministers hope the package will keep markets from targeting the eurozone's weaker members.

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.
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