'10 days to save the euro'
Published: 30/11/2011 at 08:55 PM
Online news:
European Union finance ministers stepped up pressure on Wednesday on the European Central Bank and the IMF to stop the eurozone debt crisis from bringing down the global financial system.
As the eurozone posted record 10.3-percent unemployment and the head of the French central bank said a full-blown financial storm is brewing, fears are rising that Italy needs a massive bailout.
With EU leaders staging a critical summit next week to prevent the 17-nation eurozone from breaking up into strong and weak countries, governments are turning towards the potentially unlimited firepower of the ECB as well as the global rescue body, the IMF.
"We are now entering a critical period of 10 days to complete and conclude the crisis response of the European Union," said the the 27-state union's commissioner with special responsibility for the euro crisis, Olli Rehn.
Finance ministers, holding a second day of talks on the crisis, admitted that EU governments could not save the eurozone on their own after they failed to ramp up their own bailout fund to one trillion euros.
"There is some room also for the European Central Bank to maneouvre," Swedish Finance Minister Anders Borg told reporters. "We need to keep all options on the table."
He said all International Monetary Fund member-contributors had to increase their input, adding that "if there were specific European institutions taking a step in that direction that would also be a step way forward."
Eurozone ministers who met separately on Tuesday night spoke primarily of a plan to boost rescue funding via bilateral loans from European countries -- most euro states, and also some non-euro -- to the IMF.
http://www.bangkokpost.com/breakingnews/268642/10-days-to-save-the-euro
Published: 30/11/2011 at 08:55 PM
Online news:
European Union finance ministers stepped up pressure on Wednesday on the European Central Bank and the IMF to stop the eurozone debt crisis from bringing down the global financial system.
As the eurozone posted record 10.3-percent unemployment and the head of the French central bank said a full-blown financial storm is brewing, fears are rising that Italy needs a massive bailout.
With EU leaders staging a critical summit next week to prevent the 17-nation eurozone from breaking up into strong and weak countries, governments are turning towards the potentially unlimited firepower of the ECB as well as the global rescue body, the IMF.
"We are now entering a critical period of 10 days to complete and conclude the crisis response of the European Union," said the the 27-state union's commissioner with special responsibility for the euro crisis, Olli Rehn.
Finance ministers, holding a second day of talks on the crisis, admitted that EU governments could not save the eurozone on their own after they failed to ramp up their own bailout fund to one trillion euros.
"There is some room also for the European Central Bank to maneouvre," Swedish Finance Minister Anders Borg told reporters. "We need to keep all options on the table."
He said all International Monetary Fund member-contributors had to increase their input, adding that "if there were specific European institutions taking a step in that direction that would also be a step way forward."
Eurozone ministers who met separately on Tuesday night spoke primarily of a plan to boost rescue funding via bilateral loans from European countries -- most euro states, and also some non-euro -- to the IMF.
http://www.bangkokpost.com/breakingnews/268642/10-days-to-save-the-euro
