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Euro-zone bailout capacity boosted to 700B euros *PIC*

Euro-zone bailout capacity boosted to 700B euros (by William L. Watts)

FRANKFURT (MarketWatch) -- Euro-zone finance ministers meeting in Copenhagen on Friday agreed to temporarily boost the size of the firewall designed to contain the spread of the region's debt crisis to 800 billion euros ($1.1 trillion) from a previously planned 500 billion. In a statement, the ministers said they agreed to effectively allow the temporary European Financial Stability Facility operate in combination with the permanent, 500-billion euro European Stability Mechanism, which becomes operational in July, in order to provide an effective ceiling of 700 billion euros in lending through mid-2013. Including a total of 102 billion euros in funds already committed to Greece and other bailout countries, the overall firewall stands at 800 billion euros, the ministers said.

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Euro-zone bailout capacity boosted to 700B euros *PIC*
IMF's Lagarde welcomes bigger euro-zone firewall *PIC*