WASHINGTON (Reuters) - Europe is working to ramp up the firepower of its bailout fund, top officials said on Saturday, as the United States, China and other nations raised the alarm about its debt crisis hurting the world economy.
Financial markets plunged last week on fears that Greece's near-bankruptcy could spread to other euro zone countries, heaping pressure on European policymakers to prevent a repeat of the chaos that swept the world in 2007-2009.
The European Union's top economic official, Olli Rehn, said as soon as the region's governments confirm new powers for their 440-billion-euro fund, known as the EFSF, attention will turn to how to get more impact from the existing money.
via news.yahoo.com
