Eurozone finance ministers said in a statement on Friday that they will use the rescue funds "in a flexible and efficient manner" to ensure the financial stability of the euro area.
They welcomed the European Central Bank's decision to serve as an agent to the European Financial Stability Facility and later to the European Stability Mechanism, when it comes into force, in conducting market operations.
The finance chiefs said they intend to task Eurogroup to implement these decisions by July 9, 2012.
EU President Herman Van Rompuy announced earlier that leaders have approved a 120 billion-euro package to promote growth in the debt-stricken eurozone as well as across the broader 27-nation European Union.
by RTT Staff Writer
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