Euro-MPs back plans to double bailout fund
(STRASBOURG) - Lawmakers at the European Parliament approved plans on Thursday to more than double the amount of money available to the bloc's non-euro members in case they run into economic troubles.
Last month, the European Commission proposed to more than double the maximum EU aid available to non-euro member states facing economic trouble to 25 billion euros (31 billion dollars).
Under a 2002 rule, the European Union can provide up to 12 billion euros in total financial assistance to member states that do not use the euro when they run into a balance of payments crisis.
The parliament backed the proposed increase under a special fast-track procedure.
Last month, the EU offered to provide Hungary 6.5 billion euros in aid as part of 20 billion euro package put together with the International Monetary fund and the World Bank.
That currently leaves only 5.5 billion euros out of the total 12 billion euros in EU assistance available to other member states that may seek aid.
Further information (European Parliament):
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