Spain Sets Bank Bailout Fund

Spain said it will set aside a €30 billion ($40.7 billion) fund to help its lenders, as European Union finance ministers struggled to find effective common action to tackle the financial crisis.

Meeting in Luxembourg, the EU's 27 finance ministers raised minimum guarantees for bank deposits to €50,000 and agreed on joint principles to guide bank bailouts.

They also agreed to continue separate efforts to shore up their domestic financial sectors while avoiding action that interferes with other countries.

Analysts, however, warned the latest EU-wide measures weren't enough and that a more systemic approach was needed ...