IMF urges Eurozone to use its EFSF rescue fund to support weak banks; European banks’ sovereign risk up €200bn since end 2009
Sep 21st, 2011 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The IMF (International Monetary Fund) today urged the Eurozone to use its EFSF (European Financial Stability Facility) rescue fund to support capital injections for weakest banks, saying that there are risks of big losses from the sovereign debt crisis. In its twice-yearly Global Financial Stability Report, the IMF says the Eurozone debt crisis has directly raised the sovereign risk for European banks by €200bn since the end of 2009, when Greece's public debt crisis erupted.