Tags: EU | Europe | Financial | Crisis

Spain, Greece Call for EU Bailout Fund

Thursday, 25 Mar 2010 10:01 AM

Spain and Greece are calling for the European Union to extend an existing 50 billion euro ($67 billion) bailout fund to euro zone nations.

The head of Europe's socialist party Poul Nyrup Rasmussen says socialist leaders of Spain and Greece want to change the rules of a fund that has already lent to EU members that don't use the euro.

The fund has raised money at low rates by borrowing from bond markets and passing the loan on to Hungary, Latvia and Romania as part of rescue packages led by the International Monetary Fund.

Greek Prime Minister George Papandreou says this is a "clear solution and a simple one."

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