bailout set for european union........

European finance ministers agreed Monday that their new rescue system for struggling eurozone economies would be able to lend €500bn ($675bn) for any future bail-outs, but deferred all decisions on how they will ensure the fund can achieve that level of financial firepower.
The size of the fund is identical to the current, temporary rescue system – made up of €440bn from a eurozone fund and another €60bn from an European Union-wide facility – that has been plagued by doubts over whether it is big enough to handle the expanding number of countries that may need assistance.