Danish Prime Minister Helle Thorning-Schmidt (L), European Council President Herman Van Rompuy (C), and European Commission President Jose Manuel Barroso attend a press conference during the EU summit at EU's headquarters in Brussels, capital of Belgium, late on June 28, 2012. Top leaders of the European Union (EU) have not agreed on a compact for growth and jobs yet, but a package of growth initiatives worth 120 billion euros (about 150 billion US dollars) to help the most vulnerable economies in the bloc, Van Rompuy said Thursday night. (Xinhua/Ye Pingfan)
BRUSSELS, June 28 (Xinhua) -- European Union (EU) top leaders have agreed to mobilize 120 billion euros (about 150 billion U.S. dollars) for immediate growth measures, European Council President Herman Van Rompuy said Thursday.
Meanwhile, sources told Xinhua that Italy and Spain had threatened to block the entire growth pact if they cannot secure short-term support to ease their mounting financing pressure.
"We will boost the financing of the economy by mobilizing around 120 billion euros for immediate growth measures," Van Rompuy told a press conference following intensive talks of all EU leaders.
During a two-day summit in Brussels to further tackle the eurozone's sovereign debt crisis, EU leaders are scheduled to agree upon a larger compact for growth and jobs that aims at long-term economic revival, but they have not reached the final agreement yet, Van Rompuy said.
"In the growth and jobs agenda, there's a section that deals with financial stability. That chapter has not been discussed yet," he said, adding that it had taken longer than expected to talk about growth.