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EU ministers agree on 500 billion euros in emergency fiscal measures

IMF to contribute an additional 50 percent – 250 billion euros

May 10, 2010 8:11 by

On increasing fears that Greece’s debt crisis will spread, the EU finance ministers agreed to 500 billion euros in emergency measures aimed at containing that country’s debt crisis.

The IMF will also contribute as much as 250 billion euros, the BBC reported Monday.

The euro was up in early trading in the Far East, the BBC reported, after hitting a 14-month low against the US dollar last week. Amid a backdrop of increasing concern over fiscal deficits of European nations and extreme civil unrest over Greek austerity measures, some analysts have predicted that the euro could fall to parity with the US dollar by the first quarter of 2011.

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