Euro Zone Boosts Bailout Fund

At least they’re doing something. Euro-zone leaders will boost the bailout fund by between €500 billion and €750 billion. The group, however, announced that the fund will not be able to save failing countries, as was once thought. To bolster Europe’s struggling banks and save Italy and Spain, experts say €1 trillion or €2 trillion of aid is needed. Luxembourg’s finance minister said that that goal would be difficult to reach. The meeting, held in Brussels, saw finance ministers also push for the central bank and the IMF to pitch in. With governments failing to create a big enough bailout and borrowing costs rising, leaders look to find a solution before the European summit in early December.