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EU summit tackles European emergency fund creation

Reuters/Sebastien Pirlet

European Union leaders met for their last summit this year in Brussels on Thursday to discuss the possibility of creating a permanent fund to shield Eurozone countries from fiscal crises such as the ones that hit Greece and Ireland in 2010.There are also concerns that Spain and Portugal may have similar fiscal issues.

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There were reports earlier this week that ratings companies could downgrade the debt of Spain and Belgium.

Governments throughout have implemented unpopular austerity measures in order to rein in their credit issues, which caused strikes from Greece to Ireland, some leading to violence.

In October, the last time EU countries met, leaders agreed to measures that would prevent countries from running up huge public deficits.

Fiscal support put into place previously came in the form of a joint EU-IMF fund to help countries struggling with debt. This would expire in 2013, however, which is why Eurozone countries want the permanent fund.

 

 

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