Wednesday, November 30, 2011

EU entering 'critical period' to resolve debt crisis

EU finance ministers are meeting in Brussels after a top official said the region had just days to take decisive action to resolve the crisis.

EU Monetary Affairs Commissioner Olli Rehn said: "We are now entering the critical period of 10 days to complete and conclude the crisis response".

The meeting comes a day after eurozone ministers agreed measures to expand the region's bailout fund.

But they said it was unlikely to hit its 1tn euro ($1.3tn; £860bn) target.

European Council President Herman Van Rompuy also warned of the growing seriousness of the crisis.

"The trouble has become systemic. We are witnessing a full-blown confidence crisis," he said in the run-up to the finance ministers' meeting.

"Some may blame it on the irrationality of the market, but it's a fact and we need to confront it." more