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In putting the extra 200 billion euros on the line, European governments for the first time extracted a contribution from the euro region’s national central banks, getting them to lend 150 billion euros to the International Monetary Fund’s general resources. Central banks from non-euro EU states will chip in around 50 billion euros more.
European governments are counting on that downpayment to attract reserve-rich emerging markets such as China to join in the rescue, a month after Europe’s efforts to solicit outside aid ran into obstacles at a Group of 20 meeting.
“I appreciate this demonstration of leadership from Europe and I’m hopeful that others will also do their part,” IMF Managing Director Christine Lagarde said after attending the Brussels summit.
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