[1] European finance ministers, the European Central Bank (ECB), and the International Monetary Fund (IMF) took steps to address the government debt crisis in Europe, which began in Greece by establishing a joint EU-IMF program to provide access to nearly $1 trillion in loans for the 16 eurozone nations in the event that they faced difficulties in borrowing from world bond markets.

[1] The program aimed to give Greece financial stability to balance its budget, restructure its economy, and avoid borrowing from the open market.

[3] The fund is administered by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action.

[citation needed] In the early part of the nineteenth century, the Civil Contingencies Fund was created in the United Kingdom.

As Parliament is effectively forced to approve actions ex post facto (after they have happened), the Treasury's use of the fund is scrutinised in detail by the Public Accounts Committee.