Regling: Euro Zone to Shake Off Debt Crisis by 2014

Regling: Euro Zone to Shake Off Debt Crisis by 2014

The euro zone will be able to overcome its current debt crisis by 2014, believes Klaus Regling, the head of the European Financial Stability Facility (EFSF).

"One can justifiably expect the crisis to be over within two to three years. In all eurozone countries the fundamentals are improving," the chief of the EFSF, euro zone's rescue fund, told the Spiegel magazine on Sunday.

He argued that all of the euro zone states have already started to put their state finances in order, and some of those worst affected by the crisis - most notably Ireland - are getting back on their feet.

The EFSF CEO urged euro zone countries to implement their savings and reform plans

Regling said the risk that the euro currency will be abandoned is "zero" because both weak and strong countries have an interest in retaining it.

"The risk that the euro is discarded, from whatever quarter, is zero," he said, criticizing what he sees as excessive pessimism in Germany on this topic.

Regling thinks that the situation at the Euro Area is better than the state finances of the USA.

"The US deficit, for example, is three times as high as that of the euro zone," he is quoted as saying

The EFSF was set up last year to help shore up debt-ridden countries. Its role is shortly to be expanded in line with measures agreed to by euro zone leaders in July. (Source: Sofia News Agency)

Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.