Euro-Zone exerts Effort to bolster Its Firewall

By Administrator On Mar 31, 2012

U.S. Treasury Department said yesterday that it welcomed the latest Euro-zone efforts to bolster its firewall to contain the region’s debt crisis.

“Today’s announcement by the Euro-group reinforces a trajectory of positive efforts to strengthen confidence in the euro area,” U. S. Treasury spokeswoman Natalie Wyeth said in a statement.

“Over the last several months, European leaders have made significant progress in addressing the crisis, and we welcome their unequivocal commitment to reinforcing their currency union. We also look forward to continuing discussions in the G20 about how best to restore the global economy to strong, sustainable and balanced growth,” Wyeth added, according to Xinhua .

Euro-zone finance minister announced yesterday the 17 Euro-zone member countries had agreed to build an 800 billion euro (about 1. 1 trillion U.S. dollars) financial firewall against the current debt crisis.

The bailout funds primarily comprise the temporary EFSF and the 500 billion Euros permanent ESM. The ministers said Euro-zone countries had committed to providing 150 billion Euros in additional bilateral contributions to the Washington-based IMF to step up its lending capacity.