European leaders agreed on their first day meeting yesterday to confirm the measures announced earlier this month to set terms for future bailout mechanism.

They agreed on the new 500 billion euros package known by the European Stability Mechanism that will be activated by mid 2013 while they have just to check the availability of the aforesaid money with triple A status.

Also, they confirmed on expanding the lending capacity for the current European bailout mechanism to 440 billion euros that will be available in June.

Finally, they stressed on the importance of having a strong stress test to check the health of the financial sector.