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Eurozone finance ministers finalize rescue package

Updated: 2010-06-08 04:05
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LUXEMBOURG- Finance ministers of eurozone countries agreed on Monday on final details of the 750-billion- euro (about $897 billion) rescue package designed to contain a spreading debt crisis.

"The facility has been just set up today in the form of a limited liability company in Luxembourg," Luxembourg Prime Minister Jean-Claude Juncker told reporters after chairing a eurozone finance ministers' meeting here on Monday.

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The European Financial Stability Facility, through a special purpose vehicle, would borrow up to 440 billion euros ($526 billion) from the financial markets with guarantees from eurozone countries and lent it to indebted members.

The facility is the largest bulk of the 750-billion-euro rescue package agreed by EU finance ministers on May 10. Among the 750 billion euros, the European Commission would also raise 60 billion euros ($72 billion) and the International Monetary Fund would contribute about 250 billion euros ($299 billion).