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Euro-Zone Governments Reach Deal On Bailout-Fund Treaty -Officials

From efxnews.com

Euro-zone finance ministers Monday agreed on the text of a treaty to create their EUR500 billion ($651 billion) bailout fund after addressing concerns from Finland about provisions that would allow the fund to make loans without unanimous consent from the governments, officials said. National parliaments still must approve the treaty before it can become law. The fund, dubbed the European Stability Mechanism, will have the power to make loans in emergency situations with the backing of 85% of euro-zone governments under qualified majority voting, which weights a country's vote according to its population, one ... (full story)

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