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Euro zone agrees 800 billion euro firewall: Austria
Euro zone finance ministers have agreed to boost the currency bloc's debt crisis firewall to roughly 800 billion euros ($1.06 trillion), Austrian Finance Minister Maria Fekter said on Friday. After what sources called a heated discussion, the 17 countries sharing the euro agreed on the lowest common denominator favored by countries such as Germany, Finland and the Netherlands, where public opinion is against more money for bailouts, EU sources said. The amount would comprise 500 billion euros in fresh money through the permanent rescue fund, the European Stability Mechanism (ESM), when it comes online in July, and ... (full story)
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