EU ‘wants to double its crisis fund’


The European Union has said it wants to more than double its ‘crisis fund’ to help struggling member countries such as the UK, the Associated Press has reported.

The economic downturn – which has hit commercial property prices – started in the US, following irresponsible lending to sub-prime borrowers.

Economy chief Joaquin Almuni said he wanted governments to increase the amount they can lend beleaguered countries, to $15 billion (£9.6 billion).

Jose Manuel Barroso, EU commission president blamed the current lack of confidence on plummeting stock markets and added that the EU executive would try to limit the effect on jobs.

This could be good news for employees currently working in office space in London, many of whom fear their jobs are at risk.

“People are expecting the negative effects on the so-called real economy and that’s why it’s important … that we are acting in a coordinated way to address the problems of the real economy,” Barroso said.

Gordon Brown and French president Nicholas Sarkozy have both called for extra funding for the International Monetary Fund.ADNFCR-1329-ID-18849198-ADNFCR