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

Egypt's Suez Canal Dreams Tempered by Continued Unrest

Seen as a potential driver of recovery, Cairo’s plan to expand waterway had been raising hopes to give country much needed economic boost More

Ebola Maternity Ward in Sierra Leone First of its Kind

Country already had one of world's highest maternal mortality rates before Ebola arrived, virus has added even more complications to health care More

Malaysia Flight 370 Disappearance Ruled Accident

Aircraft disappeared on March 8, 2014; with ruling, families of 239 passengers and crew can now seek compensation from airline 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.
Super Bowl Ads Compete for Eyes on TV, Webi
X
January 29, 2015 9:58 AM
Super Bowl Sunday (Feb. 1) is about more than just the NFL's American football championship and big parties to watch the game. Viewers also tune in for the world famous commercials that send Facebook and Twitter abuzz. Daniela Schrier reports on the social media rewards for America’s priciest advertising.
Video

Video Super Bowl Ads Compete for Eyes on TV, Web

Super Bowl Sunday (Feb. 1) is about more than just the NFL's American football championship and big parties to watch the game. Viewers also tune in for the world famous commercials that send Facebook and Twitter abuzz. Daniela Schrier reports on the social media rewards for America’s priciest advertising.
Video

Video Theologians Cast Doubt on Morality of Drone Strikes

In 2006, stirred by photos of U.S. soldiers mistreating Iraqi prisoners, a group of American faith leaders and academics launched the National Religious Campaign Against Torture. It played an important role in getting Congress to investigate, and the president to ban, torture. VOA's Jerome Socolovsky reports.
Video

Video Freedom on Decline Worldwide, Report Says

The state of global freedom declined for the ninth consecutive year in 2014, according to global watchdog Freedom House's annual report released Wednesday. VOA's William Gallo has more.
Video

Video As Ground Shifts, Obama Reviews Middle East Strategy

The death of Saudi Arabia’s king, the collapse of a U.S.-friendly government in Yemen and a problematic relationship with Israel’s leadership are presenting a new set of complications for the Obama administration and its Middle East policy. Not only is the U.S. leader dealing with adversaries in Iran, the Islamic State and al-Qaida, but he is now juggling trouble with traditional allies, as White House correspondent Luis Ramirez reports.
Video

Video MRI Seems to Help Diagnose Prostate Cancer, Preliminary Study Shows

Just as with mammography used to detect breast cancer, there's a lot of controversy about tests used to diagnose prostate cancer. Fortunately, a new study shows doctors may now have a more reliable way to diagnose prostate cancer for high risk patients. More from VOA's Carol Pearson.
Video

Video Smartphones About to Make Leap, Carry Basic Senses

Long-distance communication contains mostly sounds and pictures - for now. But scientists in Britain say they are close to creating additions for our smartphones that will make it possible to send taste, smell and even a basic touch. VOA’s George Putic reports.
Video

Video NASA Monitors Earth’s Vital Signs From Space

The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video Saved By a Mistake - an Auschwitz Survivor's Story

Dagmar Lieblova was 14 when she arrived at Auschwitz in December 1943, along with her entire Czech Jewish family. All of them were to die there, but she was able to leave after several months due to a bureaucratic mix-up which saved her life. Now 85, with three children and six grandchildren, she says she has a feeling of victory. This report by Ahmad Wadiei and Farin Assemi, of RFE/RL's Radio Farda is narrated by RFE’s Raymond Furlong.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid

World Currencies

EUR
USD
0.8815
JPY
USD
117.85
GBP
USD
0.6581
CAD
USD
1.2420
INR
USD
61.404

Rates may not be current.