Euro countries to build $1.1-trillion bailout fund, Austria says

PanARMENIAN.Net - Austria's finance minister says the 17 euro countries will build a €800-billion ($1.1-trillion) financial firewall against their debt crisis, though €300-billion of that has already been used for previous bailouts, AP reported.

That gives the euro zone some €500-billion in fresh money to help debt-ridden countries.

Maria Fekter said Friday, March 30 that the figure should send a convincing message to financial markets and the euro zone's international partners that the currency union can contain its two-year old debt crisis.

Ms. Fekter said some €240-billion in money left in the euro zone's existing, temporary bailout fund will remain available until mid-2013.

However, she said that money should only be available until the new permanent bailout fund has been built up to its full €500-billion capacity.