EU boosts bailout fund to 800 billion euros

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EU boosts bailout fund to 800 billion euros

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EU finance ministers have agreed to boost the eurozone’s rescue fund to 800 billion euros.

The money is to be used to bail out troubled economies inside the 17-member single currency area.

The International Monetary Fund is expected to top up the so-called firewall next month.

The 800 billion figure includes the 300 billion already committed to Greece, Ireland and Portugal.
Germany had opposed calls for a higher increase.

Fears about the finances of Spain and Italy’s finances led many investors to question whether the EU’s rescue funds had enough money to help either country.

The previous ceiling had been set at 500 billion euros.