Austria: Euro bailout fund will be $1.1 trillion

By

Published:

 

COPENHAGEN, Denmark (AP) — 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 ($400 billion) of that has already been used for previous bailouts.

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

Maria Fekter said Friday that the this figure should send a convincing message to financial markets and the eurozone’s international partners that the currency union can contain its two-year old debt crisis.

Fekter said some 240 billion in money left in the eurozone’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.