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EU announces eurozone support package

10th May 2010

The European Union (EU) has agreed on a EUR 500 billion (GBP 434 billion) plan to prevent the Greek debt crisis spilling into other countries.

Finance ministers from across the continent, central bankers and the International Monetary Fund (IMF) have unveiled a support package which aims to guarantee the debt of any country in the eurozone.

The 16 members of the European single currency bloc have pledged EUR 440 billion in loans or guarantees to the package, while EUR 60 billion from the EU's budget has been earmarked for the fund.

In addition, the IMF could add a further EUR 250 billion, taking the total value up to EUR 750 billion.

After the 11-hour-long talks concluded, European Commission president Jose Manuel Barroso told reporters: 'The eurozone is certainly regaining confidence. Our fundamentals are certainly good.'

IMF managing director Dominique Strauss-Kahn welcomed the plans, commenting: 'These are strong measures that will help to secure global economic and financial stability.'

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