Eurozone to protect members
BRUSSELS – The eurozone is facing the biggest challenge in its history but will remain intact as its breakup would lead to a ?total disaster,? the European Union?s economic and monetary affairs commissioner, Ollie Rehn, said on Friday.
This statement makes it clear that the eurozone is working hard to shield its members as well as the banking sector from the dangers that will emerge from a restructuring of the Greek debt.
The Finnish commissioner asked yesterday that the ESM, the permanent support mechanism, begin its operation one year earlier than planned, that is from summer 2012.
Meanwhile a top troika official confirmed that talks with Athens are nearing a successful conclusion. ?There has been good progress but there are still important issues to be discussed,? Poul Thomsen, head of the International Monetary Fund?s team of inspectors in Greece, told reporters in Athens on Friday.
?We?re not quite there yet.? The review will ?hopefully? conclude soon, he said.
