FXstreet.com (Barcelona) - Eurozone finance ministers are due to meet today in Luxembourg at 15 GMT in order to officially approve the permanent rescue fund ESM and to discuss the recent developments in the Eurozone debt crisis, mainly the situation in Spain and Greece. Finance ministers of all 24 EU nations will gather on Tuesday.

The highlight of the meeting agenda on Monday is the launching of the 500 billion euro European Stability Mechanism. Its initial lending capacity will be approximately 200 billion euros. EU finance ministers are also supposed to release a statement regarding the situation in Greece, in the light of last week's negotiations with the Troika inspectors.

It is expected that Spain will be the first EU member state to apply for ESM funds, but most probably it won't happen just yet, as Spanish bond yields have been declining recently, while harsh budget cuts spurred a strong opposition among Spanish citizens. But with the bailout fund already in place investors will exert more pressure on Rajoy's government to ask for financial aid.