EU finance ministers consider crisis fund to stave off bankruptcy threat

FINANCE ministers were struggling last night to set up a fund worth potentially hundreds of billions of euro to shore up countries in danger of going bankrupt.

In an attempt to see off speculators once and for all, they worked against a deadline of 2am this morning when the markets open in Japan. World leaders, including US President Barack Obama, added to the pressure as they are wary of the euro crisis spilling over.

Eurozone leaders at their emergency meeting on Friday night set finance ministers the task when the euro continued to slide despite the €110 billion Greek bailout, and Ireland, Portugal and Spain came under severe pressure from the markets.