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On 30 March, on a day when Spain, under pressure most notably from Germany, adopted a record austerity budget (€27bn of cuts and tax hikes), Eurogroup countries reached agreement on a €800bn eurozone firewall. Composed of the €500 European Stability Mechanism (ESM), €200bn from the European Financial Stability Facility (EFSF) and emergency funds, The firewall will allow countries in difficulty to finance the reimbursement of their debt.
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