Euro stabilization package approved by EU finance ministers

Sixteen European Union finance ministers have agreed a package of crisis aid for troubled eurozone countries that Spanish Finance Minister Elena Salgado, who presided over an emergency meeting in Brussels, said could hit 750 billion euros with IMF involvement.

The ministers held non-stop emergency talks Sunday, striving to get a deal finalized before most Asian markets open for business Monday.

Elena Salgado said the ministers were determined to safeguard the currency used by 16 of the EU's 27 member states, which has come under increasing pressure since the financial meltdown of one of its members, Greece. "We are going to defend the euro," she said. "We have to give more stability to our currency. We will do whatever is necessary to reach agreement.”

The stabilization package is to be approved by 27 EU finance ministers, who are expected to gather on May 18 for a regular meeting.