Dutch pump 17 billion euros into IMF

15th December 2011, Comments 0 comments

The Netherlands will lend a maximum of 17 billion euros to the International Monetary Fund IMF as part of the broader agreement reached last Friday among leaders of the 16 eurozone countries and at least six other EU countries outside the eurozone. Finance Minister Jan Kees de Jager informed the Dutch parliament today about the decision. The EU nations met last week in an attempt to stabilise the euro and move Europe out of a deepening debt crisis.

The 17-billion-euro loan is part of a 200-billion-euro bilateral package which EU leaders are making available to the IMF to help fund possible bailouts to countries in dire financial straits.

British Prime Minister David Cameron rejected the deal after Germany and France rejected his demands to include protections for the City of London from future financial regulations.

The US administration does not plan to pump money into the IMF to help fund possible bailouts in Europe.

The Dutch Central Bank will provide the loan, which will be guaranteed by the government. It’s expected that a majority of MPs will vote in favour of the deal on Thursday evening.

Dutch newspaper NRC Handelsblad reported on Thursday evening that the Labour Party will support the deal even though they consider the agreement weak. MP Ronald Plasterk labelled it a "rotten construction".

Backing  from the Labour Party was crucial as Geert Wilders' Freedom Party - which supports the minority conservative and Christian Democrats coalition government from the parliamentary backbenches - is voting against the package.

© Radio Netherlands Worldwide

0 Comments To This Article