Countries pledge faster action

Article reports that Spain and Portugal, bowing to intense pressure from their eurozone partners and the International Monetary Fund, promised on the 10 May 2010 to accelerate implementation of their austerity plans.

The fresh pledges to cut national budget deficits are aimed at bolstering the credibility of the €750bn stabilisation plan for the eurozone unveiled by the European Union and the IMF early on the 10 May 2010.

ESO: Background information: EU and IMF agree €720bn boost for rescue plan http://www.europeansources.info/record/eu-and-imf-agree-e720bn-boost-for-rescue-plan/

ESO: Background information: Portugal halts large-scale projects http://www.europeansources.info/record/portugal-halts-large-scale-projects/

ESO: Background information: Spain denies talk of IMF rescue http://www.europeansources.info/record/spain-denies-talk-of-imf-rescue/

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