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Eurozone sets up €70bn rescue fund

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Eurozone sets up €70bn rescue fund


The 16 eurozone countries have agreed to create a 70-billion-euro rescue fund to avert a Greek-style crisis from spreading to other countries.

The respective leaders have asked the European Commission to draw up the details of how it would work over the weekend, the expectation being that the fund would be operational by Monday.

The idea would be assist eurozone countries who are unable to borrow because they are being asked to pay high interest rates.

Hernan van Rompuy, the president of the European Council, told reporters that increased regulation of credit ratings agency would be among the reforms.

Investors are worried about a sovereign default in the EU with the most concern centred on Portugal, Spain, Italy and Greece.

Since eurozone nations already represent a majority of the 27 EU states, the rescue fund is expected to be approved by finance ministers on Sunday.

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