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Eurozone weighs more powers for bailout fund

Eurozone weighs more powers for bailout fund

Eurozone finance ministers say they are ready to make their existing bailout fund more flexible in an effort to stop the currency union's debt crisis from spreading to larger economies like Italy and Spain.
Jean-Claude Juncker, who chairs the meetings of eurozone finance ministers, said late Monday that the ministers will also look at giving bailed out countries more time to repay loans and lower their interest rates.
The ministers did not give many details on how the region's bailout fund could be made more flexible, but previous suggestions included giving the fund the power to buy distressed debt on the open market to stabilize prices.
Banks who have been involved in talks over contributions to a second bailout for Greece have also been pushing for eurozone funded bond buybacks, which could cut the country's overall debt load.


Updated : 2021-05-06 11:55 GMT+08:00