Euro Crisis

Eurozone Finance Ministers Have Agreed on Guidelines For Bailout Fund

$660 billion in the European Stability Mechanism to rescue banks

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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.