EU backs plans to more than double bailout fund
(BRUSSELS) - EU finance ministers adopted on Tuesday a proposal to more than double the amount of loans available to the bloc's non-eurozone members in case they run into economic troubles.
Under the decision, the European Union will be able to lend a total 25 billion euros (32 billion dollars) to such countries that run into balance of payments problems, instead of only 12 billion euros previously.
"The higher ceiling is justified by the evolution of the international economic situation and by the large number of member states currently outside the euro area -- 11 out of 27," the EU said in a statement.
In October, the EU offered to provide Hungary with 6.5 billion euros as part of a 20-billion-euro package put together with the International Monetary fund and the World Bank.
That left only 5.5 billion euros out of the total 12 billion euros in EU assistance available to other member states that may seek aid.
Meeting of the Economic and Financial Affairs Council (Ecofin) on 2 December
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