Eurozone Finance Ministers discussing European bailout fund

Eurozone Finance Ministers are meeting this morning in Copenhagen to discuss the size of the European bailout fund.

It comes on foot of a year of disputes mainly between Germany and France.

Speaking in Copenhagen last night, the German Finance Minister Wolfgang Schauble said that he expects the bailout fund to increase to around €800bn.

That is €100bn more than Berlin has said it is willing to support, but less than the one trillion euro sought by France.

Despite the division, eurozone officials are confident a deal can be reached.

Irish Finance Minister Michael Noonan will also brief his counterparts on the deal to defer the €3.1bn payment on the Anglo promissory note.

Today's meeting comes as Spain is facing its toughest budget since the Second World War.