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Euro-bailout fund to also help banks
By EUobserver
Eurozone finance ministers agreed, on Monday, to upgrade the currency bloc's bailout fund, the European Stability Mechanism, enabling it to also help out failing banks, in a transformation to be ratified next year. "The [bank] backstop is a last resort. It's a further safety net at our disposal should we need it," Irish finance minister Paschal Donohoe, who chairs the meetings of the so-called 'Eurogroup', said.