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Failing EU summit to exacerbate debt crisis: Rehn

(Xinhua)

10:56, December 05, 2011

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.

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