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Tue 03 Mar 2010EU plans economic rescue scheme along IMF lines
EUROPEAN COMMISSION:THE EUROPEAN Commission is pursuing a plan to create a rescue scheme akin to the International Monetary Fund (IMF) to help distressed governments avert the threat of sovereign default, a move that will intensify EU oversight of national economies.
The development follows months of acute pressure on the euro amid anxiety about the Greek budget deficit and weakness in the public finances of fellow euro members Spain and Portugal.
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