Bloomberg: EU ministers seek crisis IMF funding deal

18 December 2011

European finance ministers seek to meet a self-imposed deadline for drawing additional aid to the debt crisis and to form new budget rules, as investor confidence that a comprehensive solution is achievable wanes.

Euro area officials aim to meet their deadline for today to arrange the IMF loans. The package entails about €150 billion pledged by euro area central banks and another €50 billion to be contributed by non-euro EU states. The euro area ministers will be joined in the call by their EU counterparts to thrash out measures including the decision-making process of the bloc’s permanent bailout fund, the European Stability Mechanism.

The UK is weighing whether to commit more funds to the IMF. Prime Minister David Cameron’s spokesman said that the UK hadn’t agreed to increase its IMF contribution, fending off a report that the nation’s contribution might rise by £30 billion.

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