EU agrees to limited growth package
Fri, 29 Jun 2012 8:05a.m.
By Don Melvin and Toby Sterling
The 27 leaders of the European Union have agreed to devote €120 billion for "immediate growth measures," a top European official said.
Herman Van Rompuy, president of the European Council, said the heads of state and government would continue their discussion of how to achieve financial stability into the evening.
Van Rompuy said half the money would come from increasing the lending capacity of the European Investment Bank by €60 billion, adding that "this money must flow across Europe, and at least to the most vulnerable countries" to help them grow out of the crisis.
The other €60 billion would come from existing EU development funds, Van Rompuy said. The total of €120 billion is not large in terms of the size of the economy of the European Union.
In addition, EU leaders announced that they would offer €5 billion in "project bonds" to fund investments in transport, sustainable energy and digital infrastructure.
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