The Tokyo government will establish a fund with taxpayer money and control Tepco "for a certain period of time." The intention is to compensate those affected by the nuclear disaster
The Government of Japan agreed Friday to establish a fund with taxpayer money to help Tokyo Electric Power (TEPCO) to compensate victims of the crisis of the Fukushima nuclear plant damaged by a tsunami and to avoid financial collapse.

The Government will also issue special purpose bonds to help finance the plan, which will allow the largest Asian utilities provide compensatory payments. There will be a ceiling set for the responsibilities of Tokyo Electric.

In exchange for public support, the Government shall exercise control "for a certain period of time" on the administration of TEPCO, which must also pay annual premiums to the fund.

The government gave no details, but lawmakers told reporters this week that Tokyo plans to inject about five trillion yen (U.S. $ 62,000 million) in special-purpose bonds to fund compensation.

The plan, agreed after weeks of debate among government officials, bankers and company executives who should pay for the crisis, reduce the fear of investors concerning a worst case scenario for the financial crisis of TEPCO.

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