According to Bloomberg, nations across the continent have channelled this sum of money through the International Monetary Fund (IMF), including some countries outside of the single currency region.
The European Central Bank (ECB) also increased its level of support for the area's struggling bond markets by increasing its purchases from governments, despite president Mario Draghi's recent insistence the body would not conduct a sustained period of buying in the near future.
However, the UK refused to get involved in this provision of funding, instead deciding to hold fire on making a decision on its level of contribution until the early stages of 2012.
Peter Kurer, ex-chairman of UBS AG, labelled the $195 billion sum a "small-scale solution".
"What really would be needed in the ideal world would be euro bonds or a substitute which can bring large-scale liquidity and confidence into the markets," he added.
By Gary Cooper