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Eurozone Leaders Put Off Bailout Fund Summit

The leaders of the 17 countries that use the euro currency have delayed a summit intended to discuss boosting the currency union's bailout facility.

The special meeting had been expected to be held at the end of a summit of the 27 European Union member state leaders on March 1-2 in Brussels.

The assembled eurozone leaders had been expected to discuss removing a 500 billion-euro cap on the euro area's rescue funds in order to give the bailout facility extra credibility.

However, reports said the meeting was delayed after Germany indicated it was not ready to support the move.

Major economies such as China, Brazil, and the United States have said they will not contribute to a related increase in the International Monetary Fund's (IMF) bailout facilities until the eurozone increases its own.

Compiled from AP, AFP, and dpa reporting