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Euro Leaders Seek Global Help

Boost in regions firewall could pave way for more resources from IMF.

By Patrick Donahue, Bloomberg | Updated on April 02, 2012

Efforts to resolve the two-year-old European debt crisis swung back to world leaders after euro-area officials boosted a firewall designed to overcome doubts about their crisis response and to lure additional emergency aid.

Finance ministers from the 17-member monetary union unveiled a package over the weekend that included 500 billion euros ($667 billion) in fresh bailout funds on top of 300 billion euros already committed to rescue programs, which together topped the symbolic $1 trillion mark. The total doubles when more than 1 trillion euros lent by the European Central Bank to aid the region’s banks is included.

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