Today's Coming Crisis Movie

Wednesday, September 28, 2011

EU 'faces its greatest challenge' - Jose Manuel Barroso

The head of the European Commission has told Euro MPs that Greece will stay in the eurozone, but warned that the EU was facing its "greatest challenge".

Appealing for patience over the Greek debt crisis in his annual State of the Union address, Manuel Barroso said: "This is not a sprint but a marathon."

Proposing a controversial financial transactions tax and eurobonds, he urged greater economic integration.

There were new protests in Athens ahead of a visit by international lenders.

The so-called troika, made up of the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF), are assessing Greece's eligibility for further bailout money.