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Eurozone unlikely to boost crisis firewall to $1.3 trillion demanded by international partners
COPENHAGEN, Denmark (AP) ' Several European finance chiefs say the 17 countries that use they euro are unlikely to boost their financial backstop to the '1 trillion ($1.3 trillion) demanded by many of their international partners.
Several international institutions, as well as the U.S. and China, want the eurozone to significantly increase its defenses against a debt crisis that has been haunting the currency union for more than two years.
But Jean-Claude Juncker, the prime minister of Luxembourg who also chairs the meetings of eurozone finance ministers, said Friday "we are a slice away" from increasing the bloc's bailout funds to '1 trillion.
Finnish Finance Minister Jutta Urpilainen meanwhile said a proposal from the EU's executive that calls for a lending capacity of '940 billion "is too high" for her country.
(This version corrects reference to Urpilainen in final paragraph. This story is part of AP's general news and financial services.)