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Juncker Expects EU to Meet Deadline on Channeling Loans to IMF

Monday, 19 December 2011 | 00:00
Luxembourg's Jean-Claude Juncker, who leads the group of euro-area finance ministers, said the European Union should meet an informal Dec. 19 deadline for arranging loans to the International Monetary Fund as part of a crisis-fighting package.
"Countries have to say within 10 days what's happening and we're collecting this at the moment," Juncker said in Luxembourg today. Asked if the EU would meet this deadline, he said: "I think so."
EU leaders decided at a Dec. 9 summit to channel an additional 200 billion euros ($261 billion) in loans to the IMF to help fight the euro region's debt crisis. In putting the extra funds on the line, European governments for the first time extracted a contribution from national central banks. Euro-area countries are expected to provide 150 billion euros, while the non-euro EU states will chip in around 50 billion euros more.
Source: Bloomberg
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