Euro Zone Increases Bailout Firewall to $1.06 Trillion

It seems Euro Zone finance minsters listened to the call for more money.They agreed on Friday on a temporary increase in their financial rescue fund to prevent a second-coming of the sovereign debt crisis. The increase was 700 billion euros from 500 billion, making the firewall fund reach over one trillion american dollars. The money will come from two separate funds, the European Stability Mechanism and the European Financial Stability Facility. Even though this is an improvement from before, it still might not be enough cash. This past week, the Organization for Economic Cooperation and Development called for the firewall to be at one trillion euros to prevent another flare-up in the crisis.Bond market players also question whether this will be enough money to help Spain if it needs a bailout to overcome a banking crisis due to the collapse of a real estate bubble.