BREAKING ~ The EU gets its own IMF worth a reported 500 Billion Euros

(Reuters) - A new permanent rescue mechanism for the euro zone from 2013 should have a volume of 500 billion euros according to plans from the European Commission, German news magazine Der Spiegel reported on Saturday.

The magazine, giving no details of its sources, said the Commission plans provided for the European Stabilisation Mechanism (ESM) to have a capital stock of 100 billion euros ($135.5 billion) and be modeled after the International Monetary Fund.

The funds would be deposited at the ECB and each country would contribute its corresponding share, it said.

The magazine said demands that private creditors be required to take part in future rescue efforts is only mentioned briefly and that they would only take part "voluntarily."

At a summit in December European leaders agreed to set up the permanent mechanism from mid-2013 to solve sovereign debt problems. It will replace the temporary system -- a 750 billion euro emergency loan facility created by the EU and IMF in May.