Eurozone unlocks $650bn crisis rescue fund

Al Jazeera English
Al Jazeera English
  • 12 years ago
The eurozone has unlocked its $650bn crisis war chest, the European Stability Mechanism, amid worries over Greece and as Spain agonised over whether to call for a full bailout.

The launch of the 500-bn-euro ($650bn) ESM - immediately given an 'AAA' rating by credit giant Fitch - "marks an historic milestone in shaping the future of monetary union," Luxembourg Prime Minister and fund chairman Jean-Claude Juncker said.

Barnaby Phillips reports from London.
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