EU President says more euro rescue money will be found if needed

08:07, June 11, 2010      

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European Union (EU) governments would boost their rescue package to save countries from the debt crisis if the current 750-billion-euro (900-billion-U.S.-dollar) safety net failed, EU President Herman Van Rompuy said Thursday.

"If the plan were to prove insufficient, my answer is simple: in this case, we will do more," Van Rompuy said in an interview with Belgium's Trends magazine.

But he downplayed the possibility rescue plans would fail to stop either Greece or other eurozone countries being forced to default through debt restructuring.

"There are a lot of offhand statements in the international press about a debt restructuring, but I do not think it will come to that," he said.

EU finance ministers agreed earlier this week on the final details of the 750-billion-euro safety net, which was designed to prevent countries such as Spain and Portugal from following the path of Greece.

Separately, the EU had already set up a rescue package worth 110 billion euros (132 billion U.S. dollars) for Greece.

Though the safety net had now become operational, Van Rompuy said no country appeared likely to need help soon.

"Currently there is not even the hint of a request to put this rescue plan into practice," he said.



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