Germany set to up rescue fund to €750bn

Germany appeared ready to bend to pressure and agree to increase the firepower of the EU’s new rescue fund to €750 billion in exchange for getting the fiscal treaty agreed.

Finance ministers from the eurozone attempted to thrash out the final details of the treaty in Brussels last night but were expected to leave some of the more difficult political decisions for the summit of EU leaders next Monday.

Finance Minister Michael Noonan said as well as evaluating the individual articles of the treaty, the Government would need to get a legal opinion on the document when it was finalised before knowing if a referendum was necessary.