EU raises rescue package for crisis-hit countries to 50 bln euros

President of European Commission, Jose Manuel Barroso said the officials would unanimously agree on this issue, in the final day of the two-year summit held in Brussels.

At the same time, leaders of the European Union have braced the US request to increase the budget spending to stimulate the struggling economies.

EU should be focused on the reconstruction of the global financial system. Furthermore, the representatives of the European Union plan to boost IMF resources in a combined effort to help the crisis-hit countries.

The group of 20 most industrialized countries in the world, G20 are preparing for a summit in London which is scheduled for next month.

Barroso added that the doubling of the emergency fund to 50 bln euros “would be a signal of great support of the EU to struggling countries”. The emergency loan is destined only to non-eurozone members.

Hungary and Latvia have already received 10 bln euros to cover payments in the wake of a wrenching financial crisis, Romanian being the second country that called for help.

Leaders of the European Union have separately excluded any additional rescue package, despite the requests of Washington officials.

Mirek Topolanek, the prime minister of Czech Republic who now holds the EU presidency, that “the opinions of the leaders are unanimous”, and that they would be “extremely prudent in our stimulus measures”.

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