EU Commission ready to propose IMF style rescue fund for euro zone

A rescue fund to bailout (intentionally) incompetent governments, that have bailed out greedy, (intentionally) incompetent banksters with taxpayer money.

All of that taxpayer money ultimately landed in the hands of the elite criminals, that control the governments, the central banks and banks (and almost all corporations) and that have planned this entire financial crisis.

And as solution to the crisis will be the New World Order.

See also:

EU considers creating IMF-style rescue fund (Washington Post)

Euro Monetary Fund Has Promise, Problems (Wall Street Journal)

Brussels ready to back eurozone monetary fund (Financial Times)


(Updates with details, quotes, background)

eu

BRUSSELS, March 8 (Reuters) – The European Union’s executive is considering a new rescue fund for euro zone countries to prevent future financial crises like that in Greece, a spokesman said on Monday.

“Basically the (European) Commission is ready to propose such a European instrument for assistance which will require the support of all euro area member states,” Commission spokesman Amadeu Altafaj told a daily news briefing.

“There is a clear sense of determination to improve economic governance of the euro area.”

The idea of creating a European monetary fund was floated at the weekend by German Finance Minister Wolfgang Schaeuble, who said he favoured a body that commanded “the experience of the International Monetary Fund and similar executive powers”.

Altafaj stressed it was too early to say whether the fund would be just a financial instrument or a new institutional body with a separate staff and budget.

“We are in very open discussions at this point in time, considering ways and means to be more effective both on the intervention side … but also the preventive side,” he said.

He added it was also premature to say whether the creation of the fund would require changes to the European Union’s treaty, which would require unanimity from the 27 EU countries.

EU Industry Commissioner Antonio Tajani said the European Commission might discuss the fund on Tuesday, but Altafaj said the issue was not on the formal agenda of the EU executive that day.

“(EU Monetary Affairs) Commissioner Olli Rehn will brief others on discussions so far,” he said.

Since it might take time to set up such as fund, it will not be used to help Greece in its current fiscal problems, the spokesman said.

“We need to deal with the Greek situation in real time. We need to learn lessons from the crisis in Greece.”

He said ideas being discussed now, including with the European Central Bank, involved an instrument for the 16-nation zone, but other EU members could also end up being embraced by it. (Reporting by Marcin Grajewski, editing by Dale Hudson)

Mon Mar 8, 2010 7:01am EST

Source: Reuters

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