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IMF drawing up £500bn package to save Italy, Spain and the euro

Posted By yihan On November 28, 2011 @ 4:32 am In Money Watch | Comments Disabled

Robert Winnett
London Telegraph [1]
Monday, November 28, 2011

The International Monetary Fund is being lined up potentially to help Italy and Spain amid growing fears that a European rescue scheme will not be able to prop up the countries.

Reports in Italy suggested that the IMF is drawing up plans for a €600 billion (£517 billion) assistance package for the country. Spain may be offered access to IMF credit, rather than a rescue package, to avoid it being “picked off” by the markets in the coming weeks.

Any IMF involvement in European rescue packages would be partly underwritten by British taxpayers, which could leave this country liable if Italy and Spain did not repay any international loan.

Britain provides 4.5 per cent of the IMF’s funding and would, therefore, face a potential liability to an Italian package of up to €27 billion (£23 billion).

Full story here. [1]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/finance/financialcrisis/8919470/IMF-drawing-up-500bn-package-to-save-Italy-Spain-and-the-euro.html

[2] EU leaders to thrash out multi-billion pound rescue package for Spain as it faces bankruptcy: http://www.prisonplanet.com/eu-leaders-to-thrash-out-multi-billion-pound-rescue-package-for-spain-as-it-faces-bankruptcy.html

[3] Debt crisis: Spain and Italy to be bailed out in £600bn deal: http://www.prisonplanet.com/debt-crisis-spain-and-italy-to-be-bailed-out-in-600bn-deal.html

[4] Protests in Spain and Greece spark market sell-off amid fears efforts to save euro are doomed: http://www.prisonplanet.com/protests-in-spain-and-greece-spark-market-sell-off-amid-fears-efforts-to-save-euro-are-doomed.html

[5] Spain could test the euro to its limit: http://www.prisonplanet.com/spain-could-test-the-euro-to-its-limit.html

[6] Spain requests €100 billion Euro loan to prevent financial meltdown: http://www.prisonplanet.com/spain-requests-e100-billion-euro-loan-to-prevent-financial-meltdown.html

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