Eurozone seals deal on bailout fund
European finance ministers on Monday reached a final agreement on the biggest part of the single currency zone's support package for member states, which they committed to in principle on 9 May.
Eurozone members will provide €440 billion ($527 billion) in guaranteed bonds to the European Financial Stability Facility (EFSF), a special purpose vehicle which is based in Luxembourg. "The objective of the EFSF is to collect funds and provide loans in conjunction with the IMF to cover the financing
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