[zonbron]

Voorbije nacht, in Brussels.

5.46pm: Finally, some news from Brussels - courtesy of David Gow. George Osborne headed off to Brussels straight after giving his autumn statement in parliament in London.

Eurozone ministers, who began meeting 90 minutes ago, are discussing plans to involve the European Central Bank in using its unlimited funds (in theory) to boost IMF lending to distressed sovereigns.

Here's what Didier Reynders, Belgian finance minister, said on his way in: "We will discuss with the ECB. The ECB is an independent institution, so we will put on the table some proposals and after that it is for the ECB to take the decision."

Jan Kees de Jager, his Dutch colleague, said that the main bailout find, the EFSF, could only be boosted 2.5 times at most (that is, to around €626bn, rather than the hoped-for €1tn) and added: ""We will have to look at the IMF, which can also make available additional funds for the emergency fund. I think countries in Europe and outside of Europe should be prepared to give more money to the IMF. Then you have more money but it's still not enough." Greece hopes they will now get their long-delayed "sixth tranche" - or €8bn - after tonight's meeting.

Eurozone officials are ignoring the doomsayers and talking up prospects for the EFSF, claiming that investors are still showing keen interest in it. None, apparently, has asked for more than 30% first-loss guarantee on their investment in loans to distressed countries - and the geographical spread is good. It's also claimed that the spread of investors, from hedge funds to sovereign wealth funds, is excellent. And, in a new twist, the investments could be tailored both to individual countries and to different maturities: so a long-life EFSF Hellas (Greece), say.

While other officials and even ministers are admitting that the firepower of the find can only be boosted 2.5 times at most, as we reported earlier, to, say, €625bn from the €250bn left, the talk on the margins of the meeting is of 3-5 times still or 20-30% loss guarantees. And, yes, the IMF is involved too...Could be a long evening....

GUARDIAN