Plan for eurobonds moves closer

EUROBONDS and increasing the €750 billion bailout fund moved a step closer to being realised following long discussions by finance ministers in Brussels, but both could take some time to become a reality.

Portugal was the other major issue on the table and various off-record sources said that most agree the country will over the next few weeks need to apply for funding to the EU-IMF.

It will be possible for ministers to deal with any request, as in Ireland’s case, through a conference call rather than physically meeting. But ministers were anxious to avoid referring to either Portugal or Spain needing a bailout and hope that markets will calm down in response to the budget measures being taken by both countries.