Head of European Central Bank Backs EMF
The President of the European Central Bank, Jean-Claude Trichet, has expressed a preliminary accord with the idea to establish the European analogue of the International Monetary Fund (IMF).
The news was reported by BBC Saturday, citing Trichet saying "We have seen the proposal. I would say it deserves examination."
German Chancellor Angela Merkel has already expressed cautious support for an European Monetary Fund (EMF).German Finance Minister Wolfgang Schaeuble stated that "for the internal stability of the Eurozone, we need an institution that has the experience and power of the IMF" and confirmed his country’s readiness to take part in the establishment of the Fund. The EMF will aim at guaranteeing the Eurozone's financial stability. The measure has been proposed by Germany and France as part of a series of initiatives to help avoid a repeat of the Greek financial crisis. Both countries are against the IMF interference in solving Greece's problems. Greece is facing a 12.7% deficit from its Gross Domestic Product, which the country pledged to reduce to 8.7% during 2010 with long-term plans aiming to cut the budget to less than 3% by 2012. Greece's austerity measures have sparked protests, nationwide strikes, and violence.
Text source: novinite.com
Image: BGNES
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