Eurozone Sets Up $1 Trillion Bailout Fund
Europe hopes 'umbrella' will boost sagging currency
By Rob Quinn,  Newser Staff
Posted Jun 8, 2010 3:00 AM CDT
The Euro monument is illuminated in front of the European Central Bank in downtown Frankfurt, Germany.    (AP Photo/Bernd Kammerer)

(Newser) – Eurozone nations are setting up a trillion-dollar "umbrella" fund to restore investor confidence and halt the euro's plunge. Finance ministers say the bailout fund will be available to any eurozone nation risking debt default, AP reports. Investors fear Spain or Portugal are likely to follow Greece into needing a bailout to pay debts. Germany—which is supplying the biggest chunk of the fund—urged other EU nations to make sweeping budget cuts and promised to set a thrifty example itself.