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
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
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
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against
Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
