CCTV.com - CNTV English - CCTV News

Failing EU summit to exacerbate debt crisis: Rehn

12-05-2011 08:49 BJT

HELSINKI, Dec. 4 (Xinhua) -- European Union (EU) Commissioner for Economic and Financial Affairs Olli Rehn said here on Sunday that failure to reach decisions at the bloc's upcoming summit aimed at securing euro's stability would lead to a possible break-up of the common currency in its present form.

Speaking to Finnish Broadcasting Company, Rehn said only a few days left for a solution to be agreed on how to solve the debt crisis, and failure to find a consensus would only exacerbate the situation.

Rehn reminded the IMF had participated in providing cash for those eurozone nations with a conditional bailout package such as Greece, Portugal and Ireland.

"The question remains whether IMF resources can be strengthened for use if needed to enhance the cash flow of euro nations by means, for example, of a credit mechanism," he added

Rehn said he preferred bringing forward the establishment of the permanent European stability mechanism, "one of the most important measures required."

"I hope the summit would agree to this as it would provide a strong signal that the eurozone can ensure its economic stability," Rehn said.

Heads of state or government of 27-member EU will meet later coming week for a two-day summit to hammer out solutions to the euro's instability.

Related stories

Editor:Zhang Hao |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program