The possibility that leaders of the Euro zone would eventually agree to enhance the European Financial Stability Facility (EFSF) is a long-awaited development for the 17 member-nations as well as other nations closely monitoring the turn of events in Europe.

The star.com reported that European leaders are frantically trying to meet a deadline in coming up with an all-inclusive plan that would reduce the seemingly uncontrollable debt problems in the region.

Definitely, Greece is one of the first countries that would benefit from this move although other Euro zone countries such as Italy, Spain and Portugal that are experiencing related problems may also be affected in a positive manner.

Heads of state and finance heads are apparently amenable to increase the EFSF from $600 billion to more than $1 million to safeguard banking institutions and national treasuries from default.

Since its inception in June 2010, the "EFSF has been responsible for ensuring that banks who lend to over-indebted countries in the euro zone not only received the full amount of their loans on time, but also all the interest. With the expansion of the fund, the EFSF can now directly bankroll the financial institutions," according to the World Socialist Website.

Augmenting the bailout fund is regarded by European nations as highly crucial in the so-called "crisis response" approach together with the proposal to ask commercial banks to write down the debt of Greece and re-energize the banking sector to enable it to absorb all consequences.

As explained in a report from the Business Spectator, the plan is to leverage the 440 billion-Euro EFSF without bringing up the guarantees provided by concerned governments.

The governments of China and Russia have already tendered offers of financial aid and at the same time called on the EU, along with the U.S., to draw up a quick solution to the debt crisis before the G20 Summit in France on Nov. 3 and 4.

Stephen Pope of Forbes has re-echoed what any observers have stated that the EFSF is not enough to achieve everything on the wish list of Euro nations.

At this juncture, Euro leaders are looking at two alternatives to boost the facility without increasing guarantees from member states as taxpayers in countries like Germany are tired of pouring money down what they describe as a bottomless hole, according to the Spectator.

German Chancellor Angela Merkel has already remarked that if the Euro currency falls, the whole of the European continent will go down with it.