The euro zone finance ministers agreed on a detailed plan to boost the firepower of the European rescue fund yesterday, while the International Monetary Fund is to play a greater role in the rescue plan; however, today European Union 27 finance chiefs saw that the euro zone must be rescued in ten days, before the European leaders summit on December 9.

We are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union, Economic and Monetary Affairs Commissioner, Olli Rehn, said today.

The Euro zone finance ministers agreed to boost the European Financial Stability Facility, but could not specify by how much as market conditions kept on worsening, where markets weigh the news negatively as they saw the rescue fund could be insufficient.