EU Forges $960B Bailout Fund
Officials hope it's enough to contain crisis
By Nick McMaster,  Newser Staff
Posted May 10, 2010 2:39 AM CDT
The EU has created a massive fund to shore up faltering nations, and the euro.   (AP Photo/Thanassis Stavrakis)

(Newser) – European officials hammered out a $960 billion bailout fund for nations facing the prospect of default. The bailout is nominally to provide the euro with stability, but is mainly pointed at Greece, with a secondary eye to Spain and Portugal, which are both teetering on economic chaos, reports the Times of London. “We are placing considerable sums in the interest of stability in Europe," said Spain's finance minister. European markets were rebounding on the news.