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EU agrees £625bn rescue package

The Eurozone is to get a package of measures worth over £625bn in order to stave off uncertainty of another debt crisis such as that of Greece.

According to a report in the FT, the deal, which was agreed by the European Union and the International Monetary Fund, will include £625bn in loan guarantees and credits to stabilise the Eurozone.

 EU finance ministers and officials agreed the package after talks in Brussels, with up to £380bn worth of bilateral loans and government-backed loan guarantees coming from eurozone members, around £52bn coming from all members by expanding an existing balance of payments facility and around £190bn coming from the IMF.

According to a report from Reuters, Chancellor Alistair Darling said today that Britain’s exposure to the rescue deal could reach £8bn.

The European Central Bank announced it would intervene in government bond markets in reaction to the uncertainty over the Greek debt crisis.

By 9am this morning the FTSE had rebounded strongly from last week’s falls, up 3.9 per cent to 5,323.

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