POSTED: Friday, March 30, 2012 - 9:30am
UPDATED: Friday, March 30, 2012 - 9:34am
NBC News — Eurozone finance ministers agreed friday to put together a $1.1 trillion financial firewall to help deal with the continent's debt crisis. International institutions like the International Monetary Fund and the Organization for Economic Cooperation and Development had been calling for the buffer in order to keep off a potential financial collapse.
Many economists fear that further trouble in Europe could smother an economic recovery in other parts of the world. Officials believe the fund will keep countries from defaulting on their debts.