The initial 2% is a management fee charged off the bat to cover the costs of operating the fund.

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It was also agreed that the European Stability Mechanism (the zone's permanent bailout fund that will start operating in July) could buy government bonds and drive down a country's borrowing costs.

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"With the cloud you have more recurring costs you can finance out of operating funds, as opposed to digging into your capital fund, and you have way less responsibility for maintaining, upgrading and protecting all this hardware every few years, " says Mr. Daher.

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