News / Economy

Europe Moves Closer to Bigger Bailout Fund

European Commission official Matthias Mors, center, and International Monetary Fund's Paul Thomsen, right, walk after their meeting with Greek Finance Minister Evangelos Venizelos, in central Athens, Sept. 30, 2011.
European Commission official Matthias Mors, center, and International Monetary Fund's Paul Thomsen, right, walk after their meeting with Greek Finance Minister Evangelos Venizelos, in central Athens, Sept. 30, 2011.

Europe moved closer Friday to adopting a bigger bailout fund to assist debt-ridden countries, with Austria the latest country to approve its expansion to $593 billion.

Austria became the 14th of the 17 nations that use the euro currency that need to approve the expanded fund before it can take effect. Austria's approval came as some financial experts are saying the fund will need to be even larger, perhaps several trillion dollars in size, to cover possible future bailouts of weaker governments.

Malta, the Netherlands and Slovakia have yet to vote on the expanded fund. Slovakia could be the remaining roadblock. The governing coalition in the central European nation is divided about new support for financially troubled Greece as Athens attempts to avoid a default on its bailout from last year.

Greek Prime Minister George Papandreou prepared to meet late Friday in Paris with French President Nicolas Sarkozy. Papandreou is continuing his push across European capitals to win approval from international creditors for Greece to receive an $11 billion segment of its $159 billion bailout.

Auditors from the International Monetary Fund, European Central Bank and European Union are in Athens looking at Greek efforts to slash its huge debt.  The inspectors will recommend whether Greece should receive the new bailout installment.

The inspectors have had to reschedule some of their meetings as civil servants protesting the Greek government's austerity measures have occupied the offices where the audits were to occur.

Without the new funds, Greece says it could default on its loans in October, which could undermine the stability of the euro and further disturb world financial markets.

While dealing the European debt contagion, the continent also faces rising consumer prices. A new report Friday said inflation hit 3 percent in September, well above the European Central Bank's target of just below 2 percent.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.