Euro Crisis

Eurozone Finance Ministers Have Agreed on Guidelines For Bailout Fund

$660 billion in the European Stability Mechanism to rescue banks


Eurozone finance ministers have agreed guidelines on how the eurozone's emergency bailout fund can inject money directly into struggling banks.

The power to directly help banks by the 500bn euro ($660bn; £427bn) European Stability Mechanism is seen as a key move in stabilising the eurozone area.

The ESM will be able to inject up to 60bn euros into troubled lenders.