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Angela Merkel in eurozone permanent bail-out vow - BBC
Germany's Chancellor Angela Merkel has vowed to implement a permanent bail-out facility amid speculation over a break up of the 16-nation eurozone.
A joint statement with French President Nicolas Sarkozy said the two would propose replacing the existing fund that expires in 2013.
Meanwhile the head of Germany's central bank said the existing fund could be increased if needed.
And the fund's head has dismissed the risk of a eurozone break-up.
Klaus Regling of the European Financial Stability Facility (EFSF) said it was "inconceivable that the euro fails".
There has been speculation that some countries may be forced to give up the euro in light of the Irish debt crisis.
Fund upsize
In their joint statement, the French and German leaders said that they were working "under high pressure on a joint proposal for a crisis mechanism that is to replace the current one beyond 2013".
The EFSF was set up over the summer as a general rescue fund for eurozone governments, in a failed attempt to prevent the Greek debt crisis spreading to other countries.
The two leaders also said they wanted a bail-out of the Irish Republic by the EU and IMF to be finalised as soon as possible.
Continue reading at the BBC...
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The absolute truth about European bailouts...
Brilliant satire. Clarke & Dawe on the European debt-guarantee circle jerk...
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