Emergency fund to quarantine euro

JAMES G.NEUGER AND GREGORY VISCUSI

May 9, 2010

BRUSSELS: European leaders have agreed to set up an emergency fund to halt the spread of Greece's fiscal woes, seeking to prevent a sovereign debt crisis from shattering confidence in the 11-year-old euro.
Jolted into action by the sliding currency and soaring bond yields in Portugal and Spain, leaders of the 16 euro countries said the workings of the financial backstop would be hammered out before the markets opened tomorrow.