EU agrees to new Ukraine aid and to cut avenues for terror funding

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European Union finance ministers have wrapped up a two-day meeting in Brussels with agreements to lend Ukraine more money to stave of economic collapse, and to introduce tough new laws aimed at cutting funding to terrorists. CCTV’s Jack Barton reported this story from Brussels.

EU agrees to new Ukraine aid and to cut avenues for terror funding

European Union finance ministers have wrapped up a two-day meeting in Brussels with agreements to lend Ukraine more money to stave of economic collapse, and to introduce tough new laws aimed at cutting funding to terrorists. CCTV's Jack Barton reported this story from Brussels.

Having sent a clear message to Athens that it will have to stick to austerity rules agreed to by the former government, EU finance ministers on Tuesday turned to issues ranging from the crisis in Ukraine to the growing threat of terror in Europe.

They agreed to a proposal by France, which wants all funding avenues for terrorists cut off.

“The council today endorsed an anti-money laundering package that and it’s adoption is a cornerstone in our fight against terrorism funding,” Latvia’s Minister of Finance Janis Reirs said.

In the wake of renewed fighting in Ukraine, the ministers also discussed the possibility of new sanctions against Russia.

Ministers agreed to loan Ukraine the equivalent of $2 billion to save it from bankruptcy and said further aid could be forthcoming.

An agreement was also reached allowing countries that successfully implement tough reforms more flexibility in meeting targets set by Brussels.

Under EU rules, Eurozone countries have to keep their annual deficits below three percent of GDP and their overall debt level below 60 percent, rules which most euro area countries, including Germany, have broken.

Finally, ministers said they would seek a political agreement by March on a 300 billion euro ($342 billion) investment fund. Most of the money is expected to come from the private sector, which many ministers describe as wishful thinking.