The European plan to temporarily increase the bailout-aid ceiling above $1 trillion marks a compromise that gives German officials political cover at home and aims to attract more outside help, euro-area officials say.
While European finance ministers are nearing an agreement tomorrow to raise the limit on rescue funds to 940 billion euros ($1.3 trillion) until mid-2013, the amount they will be able to deploy immediately to protect Spain and Italy will range between 340 billion euros and 640 billion euros.
European policy makers are trying to strike a balance between meeting international demands for a more powerful war chest and opposition in donor countries led by Germany to providing additional aid for underperforming economies on Europe's fringes.
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