The euro-area region's policy makers considered ensuring up to 30% of the new issued European bonds for those nations that face difficulties in financing operations, in attempts to quell jitters and restore confidence, which in result could prevent bond yields issued by European indebt nations from surging further.
The EFSF is likely to be financed by investment vehicles, yet the detailed and clear plan should be revealed after the European leaders' summit on December 9. Investment vehicles can run alongside with the bonds guarantees, while the application is probable early next year.
The Euro-zone finance ministers also agreed to seek further support from the International Monetary Fund (IMF), where ministers see that the IMF should play a larger role in fighting back the debt crisis, where Luxembourg's Jean-Claude Juncker said the ministers agreed to boost the resources of the IMF in order to cooperate more closely with the European rescue fund.
Finance ministers also agreed to provide Greece and Ireland with the next tranches of the previous financial aid, while provided the new Italian Prime Minister, Mario Monti with a report outlining measures required for Italy to control the huge debt it handles and spur growth.
European lawmakers are running out of time, where the debt crisis is spreading further now and could move into another level soon in case ministers were unable to quell jitters and satisfy markets with an appropriate implementation of the measures approved earlier.