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Markets, not governments, have been dictating the pace of the current crisis (Photo: P.L. Vaarkamp Photography)

Euro area races to set up crisis fund

Stunned by recent market developments, euro area leaders agreed on Friday night (7 May) to race ahead with plans to set up a euro area crisis mechanism.

Gathered for an emergency meeting in Brussels, the leaders decided to have the new mechanism in place already by next week, with all 27 finance ministers set to approve the deal on Sunday.

The permanent fund is intended to provide loans to euro area states in financial difficulty in the future, something analysts say could greatly...

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Markets, not governments, have been dictating the pace of the current crisis (Photo: P.L. Vaarkamp Photography)

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