Tuesday, 27 March 2012

OECD calls for $1.3-trillion euro zone fund

Euro zone finance ministers need to impress finance markets with the size of their rescue fund for indebted countries when they meet later this week, the head of the OECD said on Tuesday, advocating “the mother of all firewalls.”

Investors and many European officials want ministers to agree a combination of the 17-nation currency area’s two rescue funds to nudge the International Monetary Fund into backing debt-stricken European economies, should they need help.

“When dealing with markets you must overshoot expectations,” said Angel Gurria, the secretary general of the Organization for Economic Co-operation and Development (OECD).

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