Tags: EU | Europe | Financial | Crisis

EU Under Pressure to Finalize Rescue Fund

Monday, 12 Jul 2010 08:26 AM


European officials are under pressure to set up a bailout fund for indebted nations before next week's publication of bank stress test results, which could highlight new financial strains.

Slovakia is holding up a 750 billion euro ($948 billion) rescue package that aims to prevent any EU state from defaulting on debt. Its new government says it wants to negotiate further on how much it will pay into the fund.

Jean-Claude Juncker, head of the eurozone finance ministers' group, says he is confident Slovakia will sign up soon and that the fund would be "available without any doubt by the end of the month."

Officials say the fund should be ready before July 23, when banking supervisors publish stress tests to show how much banks would lose if markets worsen sharply.

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