COPENHAGEN, Denmark, March 30 (UPI) -- European Union finance ministers said Friday they had reached an accord to increase the size of the region's financial firewall to more than $1 trillion.
"Finally, robust firewalls have been established," the 17-member the eurozone said in a statement.
The New York Times reported the firewall, to be used to help countries facing overwhelming financial issues, would be permanent. It would have a starting point of $1.067 trillion available but that figure includes some of the funding already pledged to help Greece and other countries.
Portugal and Ireland have also required bailout funds to remain solvent.
In Copenhagen, where finance ministers have gathered for a two-day meeting, Friday's agenda includes a report on Spain's current financial woes. Many have said Spain will also require assistance at some point.
This week's agreement included a fresh $200 billion contribution to the International Monetary Fund, which has been involved in other bailout programs. That contribution was pledged by the 17 countries that share the euro as currency -- countries that make up the eurozone.
The news sent stocks higher across Europe and gave U.S. equity markets a boost Friday morning.
The buoyant mood, however, was tempered by Greek Prime Minister Lucas Papademos, who said a third bailout for Greece was not out of the question, The Wall Street Journal reported.
