Eurogroup boosts emergency funding facility

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Eurozone finance ministers today agreed to combine the two emergency fund vehicles in the region to enhance its firepower. The combined instrument will be able to lend €500 billion ($666 billion).

In a statement, the Eurogroup of finance ministers announced that the European Stability Mechanism (ESM) would from July 2012 be financing any new programmes deemed necessary in the eurozone. The European Financial Stability Facility (EFSF) will "as a rule, only remain active in financing programmes

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