EU Agrees Crisis Package, Portugal Clouds Summit |
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March 25, 2011
European leaders agreed a new package of anti-crisis measures at a two-day summit, but were forced to delay increasing their rescue fund and acknowledged they faced new threats from a government collapse in Portugal.
European leaders agreed a new package of anti-crisis measures at a two-day summit, but were forced to delay increasing their rescue fund and acknowledged they faced new threats from a government collapse in Portugal.
Battling to stem a debt crisis that has raged for over a year and pushed both Greece and Ireland to accept bailouts, the EU had promised to unveil a comprehensive solution at the March 24-25 summit that it hoped would reassure jittery markets.
But the abrupt resignation of Portuguese Prime Minister Jose Socrates on the eve of the meeting, after his austerity measures were rejected by parliament, cast a long shadow. Uncertainty in other euro members such as Finland and Ireland also prevented leaders finalizing fundamental elements of their plan.
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