EU fails to reach €200 billion IMF loan target
2011-12-20 11:33:04
The chairman of the Eurogroup says European Union finance ministers could not agree on providing €200 billion in new loans to the International Monetary Fund in an effort to boost their crisis firewall.
Jean-Claude Juncker, the prime minister of Luxembourg who also chairs eurozone finance ministers meetings, said Monday that eurozone states would provide an extra €150 billion to the IMF.
He said non-euro states Denmark, Poland, the Czech Republic and Sweden would also contribute, without providing amounts.
EU leaders at a summit 10 days ago said they would send as much as €200 billion in new funding to the IMF.
But after the U.K. — the biggest EU economy that doesn't use the euro — declined to contribute that figure became elusive.