European countries need to decide by Wednesday how much they will allocate for the bank rescue plan, which will be announced after the crisis summit on Sunday, said Belgian Finance Minister Didier Reynders on the sidelines of the summit meeting.
"Now each country needs to determine the amount it will allocate for this. This must be done by Wednesday", the Belgian minister told reporters."I believe we will reach a consensus for the eurozone tonight, and on Wednesday for the entire European Union, based on these two principles: to commit to providing capital when needed and to provide state guarantees if liquidity allows", emphasized Reynders."We hope to be able to go a step further and say in the coming days how much financial resources the states are willing to put on the table", he added.
"I think that if all countries announce the amount, we will not have a proper European fund, but we will certainly know what we have at our disposal for the recovery of the financial system", emphasized the Belgian minister. Leaders of 15 eurozone countries are holding a crisis summit in Paris on Sunday, and on Wednesday and Thursday, a summit of 27 European Union countries will take place in Brussels. (Hina)
