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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/eurozone-finds-421bn-crisis-cash.jpg"><img class="alignnone size-full" title="Jean Claude Juncker speaks with George Osborne during a meeting of EU finance ministers in Brussels (AP)" src="http://londonglossy.com/wp-content/uploads/2011/02/min-eurozone-finds-421bn-crisis-cash.jpg" alt="Jean Claude Juncker speaks with George Osborne during a meeting of EU finance ministers in Brussels (AP)"/></a></p>
<p>European finance ministers have agreed to find more than £420 billion for a new crisis fund, but continued to argue over the best way to combat the debt crisis that has crippled the eurozone over the past year.</p>
<p>The ministers &#8220;agreed on the provisional volume of 500 billion euro, which will be revised every other year&#8221;, said Jean Claude Juncker, the prime minister of Luxembourg who chairs the regular meetings of the 17 eurozone finance ministers.</p>
<p>The fund, called the European Stability Mechanism, will come into force in 2013.</p>
<p>Additional financing will come from the International Monetary Fund, which is already contributing one third of the region&#8217;s existing 750-billion-euro (£631 billion) crisis fund.</p>
<p>While Mr Juncker did not say how much money would come from the IMF in the future, the European Union&#8217;s monetary affairs commissioner Olli Rehn said it was an &#8220;unwritten understanding&#8221; that the fund would provide 31p for every euro spent by the eurozone members.</p>
<p>The European Stability Mechanism will succeed the European Financial Stability Facility, the eurozone&#8217;s 440-billion-euro (£370 billion) contribution to the overall fund, in 2013.</p>
<p>While the decision on the new mechanism is a big step in showing that the currency union is prepared to stick by its weaker members, immediate investor concern centres on the eurozone&#8217;s ability to deal with the existing crisis.</p>
<p>Ministers did not reach a decision on boosting the size and powers of the exciting facility, which at the moment can only give about £210 billion in loans because of several capital buffers required to make the bonds it issues to raise money attractive to investors.</p>
<p>Mr Juncker said that the £421 billion promised to the new mechanism would constitute its effective lending capacity and would not be diminished by capital buffers.</p>
<p>Eurozone chiefs have promised to present a &#8220;comprehensive response&#8221; to the debt crisis by the end of March.</p>
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