Finance ministers agree ESM firewall

EU finance ministers have agreed to a firewall that was less than the bazooka many said is needed to protect the euro.

With Germany and Finland acting as a brake on the desire of many to agree an €800bn fund, they agreed on a €500m fund for the European Stability Mechanism which will come into force in July.

Many had hoped that the €240bn that remains in the EFSF fund would be added to the ESM or at least be allowed to exist alongside it.