Eurozone crisis over in two to three years: EFSF chief

28th August 2011, Comments 0 comments

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

"One can justifiably expect the crisis to be over within two to three years," he told the magazine Spiegel out Sunday.

"In all eurozone countries the fundamentals are improving," he said.

All eurozone countries have started putting their finances in order and already some of those worst affected by the crisis, such as Ireland, are back on their feet, he said.

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 eurozone leaders in July.

The German head of the EFSF believes the eurozone's financial situation is better than that of the United States.

"The US deficit, for example, is three times as high as that of the eurozone," he pointed out.

© 2011 AFP

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