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France

Parliament votes to guarantee euro bailout fund

Text by FRANCE 24 (with wires)

Latest update : 2010-06-03

French MPs have voted to adopt a plan to bailout the euro, as formulated with the euro zone’s 16 countries in early May. Under the plan, France would have to guarantee 111 billion euros to support the European currency.

France’s upper house of parliament definitively approved Thursday a supplementary budget giving the green light to the country providing 111 billion euros as a guarantee to safeguard the euro.

The Senate passed the plan by 309 votes to 24. The vote approved France’s contribution to a bailout package agreed to by the leaders of the 16 euro zone countries on May 9.
 
France’s National Assembly (France’s lower house) had earlier backed the plan in a vote Monday.
 
On May 9, European finance ministers had agreed on a 500 billion euro fund to ensure the euro’s stability, with a further 250 billion being contributed by the IMF.

Date created : 2010-06-03

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