EU Weighs Central Bank Loans Via IMF at Last-Chance Summit
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European central banks may channel 150 billion euros ($200 billion) through the International Monetary Fund to fight the debt crisis in exchange for fresh pledges of fiscal probity from European governments at a last-ditch summit, a European Union diplomat said.
Plans to recycle central bank funds through the IMF started to fall into place as French President Nicolas Sarkozy warned “there’ll be no second chance” for Europe in the absence of a credible crisis-containment strategy at a summit that starts this evening in Brussels.