Euro zone bailout fund will have 60 bln to save banks

LUXEMBOURG, June 20 Thu Jun 20, 2013 4:09pm EDT

LUXEMBOURG, June 20 (Reuters) - Euro zone finance ministers agreed on Thursday their euro zone bailout fund will have 60 billion euros to rescue systemically important banks and that governments will contribute 20 percent of the needed capital injection, a euro zone official said.

The budget for bank rescues is in the middle of a 50-70 billion range prepared for the meeting. The 20 percent government contribution is the upper limit of the 10-20 percent band that was under consideration.