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Eurozone finance ministers to finalize details of stability fund

(Xinhua)
Updated: 2010-06-08 01:06

LUXEMBOURG - Finance ministers of the 16- member Eurozone are meeting on Monday to finalize details of the rescue package agreed about one month ago to assure markets rattled by the European debt crisis.

European Union (EU) finance ministers agreed on May 10 on a huge rescue package worth up to 750 billion euros ($956 billion) to prevent spread of the Greek debt crisis and rebuild confidence in financial markets.

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According to a statement issued after the meeting of the EU ministers, the largest bulk of the 750 billion euros, or 440 billion euros ($560 billion) was the three-year Special Purpose Vehicle (SPV), which would come from bilateral loans from the 16 eurozone countries. But further details of the SPV was left undecided at the meeting.

While arriving for Monday's meeting, Austrian finance minister Josef Proell said: "Today we will consult intensely on how we will further develop the special purpose vehicle into a safety mechanism to back up the euro."

European Commissioner for Economic and Monetary Affairs Olli Rehn said: "I am confident we will have an agreement today on the SPV."