January 11, 2011
European Union governments are discussing proposals to increase the €440 billion ($569.98 billion) bailout fund for indebted euro-zone countries, a recognition that the fund might prove too small if the region's debt crisis spreads to Spain, according to European officials.
No decision has been taken yet, and none is currently expected at next week's meeting of EU finance ministers, said a senior European official, who pointed out that hardly any of the fund's firepower has been used yet.
Officials from European finance ministries were debating the possible overhaul of the main bailout mechanism, the European Financial Stability Facility, at talks in Brussels on Monday and Tuesday, according to people familiar with the matter. The officials are aiming to prepare the ground for next week's gathering of EU finance ministers, but the sensitivity of the issue means it may take several weeks to resolve, these people said.
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