Eurozone debt crisis to be supported by £420bn fund

A permanent €500bn (£420.3bn) bail-out fund has been set up to support countries in the eurozone.

The European Stability Mechanism (ESM), agreed by eurozone finance ministers to address the debt crisis in a number of European countries, will replace the €440bn European Financial Stability Facility (EFSF), a temporary facility to last until 2013. The fund is part of a package of measures agreed ahead of the late March schedule. Jean-Claude Juncker, chairman of eurozone finance ministers, told a news conference: "We've already agreed on the volume of the lending capacity of the ESM. We've agreed on the amount of €500bn, and this will be subject to regular revision," reports the BBC....