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Leaders of the 16 euro-zone nations agreed to assemble a fresh pot of money that could be used to rescue its troubled members, as a crisis spurred by Greece's fiscal woes spiraled well beyond its epicenter.
Meeting in Brussels past midnight Friday, EU leaders sealed their €110 billion ($145 billion) bailout of Greece, allowing money to be released in the next few days, and quickly turned their attention to the crisis's contagion into countries such as Portugal and into the European banking system.
The leaders agreed to create a "stabilization mechanism" over the weekend that would be in place before markets reopen Monday morning. There were few details on the mechanism, though French President Nicolas Sarkozy said the bloc's crisis response would "include all the institutions of Europe." He said the euro was facing "its most serious crisis since its creation."
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