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EU Doubles Bailout Funds for Eastern Europe Members
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Czech PM Mirek Topolanev (left) and European Commission President Jose Manuel Barroso (right) during the European Council summit in Brussels. Photo by BGNES
The European Council has decided to double the bailout funds for non-Eurozone member states from EUR 25 B to EUR 50 B.
During their spring summit in Brussels which ended Friday the state leaders of the EU members agreed to increase the guarantee for countries experiencing difficulties with their balance of payments.
"The Community stands ready to provide balance of payments support for eligible member states that need it and, to this end, welcomes the Commission's intention to make a proposal for doubling the ceiling for the Union's support facility for balance-of-payments assistance to EUR 50 B", the European Council conclusions read.
The European Commission President, Jose Manuel Barroso, has made it clear that the doubling of the emergency facility had not been brought about by specific new requests for bailout help by EU member states.
In his words, the previous EUR 25 B bailout facility was sufficient to cover the balance of payments support for the two states that had asked for aid - Latvia and Hungary. Another request had been received by Romania, but according to Barroso, this would still be covered by the previously allocated bailout sum.
"What we decided today, on the basis of the Commission proposal, is to double this facility. But there have been no specific requests. We want to send a signal that should there be any new request, we are ready to respond to these possible cases", Barosso said as quoted by EurActiv, which points out that the doubling of the emergency facility was possible after the German Chancellor Angela Merkel lifted the German veto on that move taking into consideration the deepening recession in Eastern Europe.
The Bulgarian government has repeatedly denied any allegations that it would have to ask the EU for bailout assistance.
The European Council has also decided to provide a voluntary loan of EUR 75 B to the International Monetary Fund, the words of Czech Prime Minister Topolanek, in order to enable it to react better to the challenges of the global crisis.
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