Euro-zone needs 1 Trillion euro firewall: OECD *PIC*

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Euro-zone needs 1 trillion euro firewall: OECD (by William L. Watts)

FRANKFURT (MarketWatch) -- Euro-zone finance ministers meeting at the end of this week need to boost the firepower of the region's rescue funds to at least 1 trillion euros ($1.34 trillion) in order to restore market confidence, Angel Gurria, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said Tuesday. Gurria, in a statement, said a credible firewall will provide governments with the breathing space they need to focus on restoring growth and competitiveness. German Chancellor Angela Merkel on Monday said Berlin is open to allowing around 200 billion euros in existing bailout loans continue to run through the temporary European Financial Stability Facility as the 500 billion euro European Stability Mechanism becomes operational at mid-year, providing total firepower of around 700 billion euros.

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