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EU Ministers Debate 'Stabilization Fund'

EU finance ministers are meeting in Brussels to discuss establishing a "stabilization mechanism" to prevent the Greek debt crisis from spreading.

The EU bailout fund worth some 60 billion euros ($76 billion) would be available to the 16 member states in the eurogroup.

Some European leaders want details agreed before the financial markets open on May 10, to prevent investor fears over the euro spreading.

Ahead of today's talks, Spanish Finance Minister Elena Salgado, whose country currently holds the rotating EU presidency, said the bloc would do "whatever is necessary" to defend the euro.

But British Chancellor Alistair Darling said London would not support the EU bailout fund, saying: "The responsibility for supporting the euro must be for the eurogroup members."

On May 7, the leaders of the eurozone approved a 110 billion-euro ($145 billion) loan package to Greece, which is backed by the EU and IMF.

compiled from agency reports