by Calculated Risk on 5/09/2010 08:06:00 PM

UPDATE: Press Conference has started.

Create Special Purpose Vehicle for 3 years (SPV). The additional amount is up to 440 billion euros plus a contribution from the IMF up to half of Euro contribution (upto 220 billion Euros). So 660 billion fund.

From Charlemagne's notebook at the Economist:

No news has reached us for a while down here, and colleagues are milling around having gloomy conversations about the future of the euro ... People are discussing what time Tokyo opens, with a slightly desperate air.

From the WSJ: World Races to Avert Crisis

According to EU diplomats, finance ministers Sunday were discussing a potential package of €600 billion ($764 billion). ... they emphasized a final decision hadn't been made past midnight in Brussels Sunday.

Oh my ...