
Stock markets had risen hoping that intense bond market pressure would finally force the 17-nation eurozone into quicker and more robust action - but that was not to be.
Even as Italy's borrowing costs skyrocketed to a euro-era record, the finance ministers failed to increase the European bailout fund to match earlier predictions and kicked other major financial issues - like a closer fiscal union - over to their bosses, the EU leaders meeting next week in Brussels.
The ministers did agree to use the fund to offer financial protection of 20 to 30 percent to investors who bought new bonds from troubled eurozone nations.
"We made important progress on a number of fronts," Jean-Claude Juncker, the eurozone chief, insisted late Tuesday. "This shows our complete determination to do whatever it takes to safeguard the financial stability of the euro."











