Eurogroup to work with ECB to save euro
Eurogroup to work with ECB to save euro

The eurozone has reached a crucial juncture and its leaders will work with the European Central Bank to save the single currency, Eurogroup chief Jean-Claude Juncker says.

"We have come to a crucial point. But we have to outline the pace and scope. We will act together with the ECB...," he told France's Le Figaro newspaper, speaking of the European Financial Stability Facility bailout fund.

"There is no more time to lose," he said, adding that a review of the markets will be decided in the coming days.

In a separate interview to Germany's Sueddeutsche Zeitung, Mr Juncker said the "eurozone has come to a stage where we must clearly show through all means possible that we are firm on assuring the stability of the monetary union.

"Nobody should doubt the will of the involved forces to show their determination," he said.

His comments came after ECB chief Mario Draghi sent stock markets soaring and helped bring down Spanish borrowing costs sharply last week by saying the central bank was "ready to do whatever it takes to preserve the euro. And believe me it will be enough."

The leaders of France and Germany followed up his statement with a similar joint declaration on Saturday although they did not pledge any specific action.

Since the start of the crisis, the ECB lost no time in embarking on a series of emergency measures - in addition to cutting rates - to stem the turmoil.

Mr Juncker on Sunday also brushed off a suggestion by German Finance Minister Philip Roesler of Greece's eventual exit from the eurozone.

"Those who think of resolving the problems of the eurozone in this manner by excluding Greece or letting it fall in the wayside have not identified the reasons for the crisis," he told the German newspaper.

The West Australian

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