German president ratifies EU bailout fund

(BERLIN) - Germany's president Thursday ratified the European Union's 500-billion-euro ($643-billion) firewall to help struggling eurozone countries, paving the way for the fund to come into force on October 8.

Joachim Gauck's office said in a statement he had "signed the documents with which the treaty ... setting up the European Stability Mechanism (ESM) is ratified" bringing to an end a long legislative process in Europe's top economy.

Earlier Thursday, the ambassadors of the eurozone countries signed a joint declaration, tweaking the text to take into account stipulations demanded by Germany's top court.

The Court this month cleared Germany's participation in the ESM but capped the share of the pot for the eurozone's biggest country at 190 billion euros and said any increase would have to be approved by parliament.

The financial firewall is now clear to come into service on October 8 when its board -- the Eurogroup of finance ministers -- meets in Luxembourg.