Europe's Finance Ministers approved crisis aid packageMay 10, 2010 - 10:23 AMT PanARMENIAN.Net - Europe's Finance Ministers approved in an emergency meeting late Sunday a "stabilization mechanism" that could provide at least 440 billion euros (US $560 billion) for a crisis aid package aimed at ensuring financial stability across Europe, CNN reported. The deal comes after a week of heavy stock market losses for some of the European Union's member states in the wake of a massive bailout for Greece's battered economy. The Ministers, meeting in Brussels, Belgium, sought to ease markets shaken by the Greek economic crisis before they re-opened Monday. Under the deal announced early Monday, the International Monetary Fund could provide up to 220 billion euros (US $280 billion) to the crisis fund in addition to the EU's contribution of 440 billion euros, Spain's Finance Minister Elena Salgado said. Another 60 billion euros (US $76 billion) would be available should member states experience "exceptional occurrences" beyond their control, Salgado said. European Central Bank officials have tried to play down fears that the economic turmoil in Greece could spread to other heavily indebted European countries such as Spain, Portugal and Italy. Spain saw three straight days of losses in its stock market last week after the country's credit rating was downgraded by the influential rating agency Standard & Poor's. Olli Rehn, the European commissioner for economic and monetary policy, praised the deal early Monday, saying "the fiscal efforts of European Union member states, the financial assistance by the (European Commission) and member states, and the actions taken today by the (European Central Bank) proves that we shall defend the euro whatever it takes." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |