EU economic ministers agree on package to defend euro

BRUSSELS (AP) — Spain's Finance Minister says an agreement has been reached on a defense package of up to euro720 billion for the embattled euro involving the EU and the International Monetary Fund.

Elena Salgado said early Monday that under the aid plan, the EU Commission make euro60 billion ($75 billion) available while countries from the 16-nation eurozone would promise bilateral backing for euro440 billion ($570 billion). The IMF would contribute an additional sum of up to 220 billion euros.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BRUSSELS (AP) — A European Union diplomat says the EU's finance ministers have agreed on a defense package for the embattled euro.

The ministers hope the package of at least euro500 billion ($645 billion) will keep markets from targeting the eurozone's weaker members.

The diplomat, who spoke on condition of anonymity, said the ministers of the EU's 27 nations agreed on an aid plan that would have the EU Commission make euro60 billion ($75 billion) available while countries from the 16-nation eurozone would promise bilateral backing for euro440 billion ($570 billion). The International Monetary Fund would also be involved, but the amount it would contribute was not immediately clear.