Eurozone nations set up $1 trillion bailout fund By AOIFE WHITE (AP) – 16 hours ago
LUXEMBOURG — Eurozone nations on Monday started setting up a massive bailout fund that could rescue any member of Europe's currency union from default, aiming to soothe market jitters that have sent the euro to a new four-month low against the dollar. The "shock and awe" financial rescue package from the European Union and the International Monetary Fund will total euro750 billion ($1 trillion) — money that can be lent to any indebted eurozone nation risking default, and intended to counter investor fears that Spain, Portugal or others could follow Greece in requiring a bailout to meet debt repayments. The special purpose vehicle to borrow up to euro440 billion ($526 billion) will be ready this month, when countries formalize debt guarantees for some 90 percent of the package, said Luxembourg Prime Minister Jean-Claude Juncker, who led Monday's talks between eurozone finance ministers.............>>>>................>>>>...............http://www.google.com/hostednews/ap/article/ALeqM5jt6BMLbbL353kzg8BK_8Y4-CxMQQD9G6KNE80
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