The euro zone finance minister after the first-day meeting in Denmark decided to boost the firepower of the European rescue fund by 200 billion euros to 700 billion euros ($1.02 trillion), in a step to strengthen the defenses of the euro zone against the contagion of the crisis.

The European Financial Stability Facility and the European Stability Mechanism will form the new firewall, where European finance chiefs decided to combine both funds together in order to create a stronger and larger fund, noting that the EFSF will contribute with 200 billion, while the ESM will provide 500 billion euros.

European finance ministers said in a statement after meeting in Copenhagen All together, the euro area is mobilizing an overall firewall of approximately 800 billion euros, more than 1 trillion dollars.