BREAKING NEWS

France seeks 120 b. EU package, euro bonds later

By REUTERS

JUNE 17, 2012 05:20

PARIS - France wants the European Union to agree before the end of 2012 on growth-boosting measures worth 120 billion euros, the weekly Journal du Dimanche said on Sunday, citing a proposal circulated by France ahead of an end-June summit.

The newspaper also reported that France has accepted Germany's rejection of its call to issue mutualized debt in the euro bloc and now agreed that so-called euro bonds were a project to be looked at over a 10-year time frame.

The 120 billion euros are to come from a combination of short-term growth instruments such as project bonds, reallocated EU structural funds and fresh investment capital from the European Investment Bank.

French President Francois Hollande submitted his ideas to EU partners and the European Council a few days ago ahead of a Group of 20 summit in Mexico on Monday and Tuesday and four-way talks with the leaders of Germany, Italy and Spain in Rome on Friday.

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