Update IX: In addition to the fund itself, the ECB will begin buying bonds on the secondary market -- quantitative easing, basically.
Update VIII: The New York Times has a very good summation here. The bailout basically boils down to:
A straight-up €60 billion bailout fund.
Another €440 bill lion in the form of loans.
Another €220 billion from the IMF.
Update VII: You can watch the live press conference by going here at Bloomberg TV online. Also, it turns out that with the IMF contribution, we're talking about a $720 billion bailout. fund.
Update VI: It's official. A €500 billion fund is being established per WSJ. IMF will also contribute funds.
Update V: Press conference going on now here.
Update IV: Announcement imminent will involve loan and guarantees.
Update III: If and when the EU leaders hold their press conference, it will be shown here.
Update II: It's past 1:00 AM and they're still negotiating.
Update: For some good perspective from inside the halls in Brussels where they're meeting, follow The Economist here. (Via Calculated Risk).
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