Euro crisis could be over in ‘1-2 years’: bailout fund chief

Published by rudy Date posted on September 2, 2012

BERLIN, Germany – The head of Europe’s financial bailout fund, Klaus Regling, said the eurozone crisis could be over in “one or two years” if member states stick to their pledges, in an interview to be published Monday, September 3.

“If all countries in the currency zone strictly fulfill their budgetary consolidation targets and continue to improve their competitiveness then the crisis can be over in one or two years,” he told German news weekly Der Spiegel.

Regling, who is German, described his European Financial Stability Facility (EFSF) rescue fund as successful in heading off the worst potential consequences of the crisis, now in its third year.

“If it weren’t for us, Portugal and Ireland would probably no longer be in the eurozone.”

The EFSF, which was established with a total lending capacity of 440 billion euros ($554 billion), is due to be replaced by a permanent bailout fund called the European Stability Mechanism, with 500 billion euros of firepower.

The ESM was due to come into force on July 1, but it has suffered delays, notably due to legal challenges in Germany, the fund’s effective paymaster.

Regling has been tapped to lead the ESM when it starts operations.

He said that a ruling by Germany’s highest court on September 12 on the challenges to the ESM would determine its fate.

“Without Germany, the ESM makes no sense.” – Agence France-Presse

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.