Eurozone Agrees Funding For Future Bailout Fund

BRUSSELS (AP) - Eurozone finance ministers have decided to provide a permanent crisis mechanism that will come into action in 2013 with euro500 billion (674 billion).

Jean Claude Juncker, who chairs the regular meetings of the 17 eurozone finance ministers, says the ministers "agreed on the provisional volume of euro500 billion, which will be revised every other year."

Juncker says additional financing will be provided by the International Monetary Fund.

The so-called European Stability Mechanism will succeed the European Financial Stability Facility, the eurozone's current bailout fund, in 2013.

Ministers didn't reach a decision on boosting the size of the current facility.