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IMF offers new support to ease euro debt crisis

Source : AP
Last Updated: Wed, Oct 05, 2011 11:08 hrs
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Brussels: A senior official from the International Monetary Fund says the IMF could help the eurozone's bailout fund to support pressurized bond markets in Italy and Spain.

The head of the IMF's Europe program Antonio Borges said the fund could "invest alongside" the European Financial Stability Facility when it buys bonds from Italy and Spain, two large economies that have seen their funding costs spike.

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Borges also said the IMF could give the two countries precautionary credit lines.

He said "we have a whole set of options that could be put on the table to restore confidence in those countries."

The statement comes amid a severe worsening of the eurozone's debt crisis and a day after Moody's ratings agency downgraded Italy's creditworthiness.

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