Britain says EU needs 'convincing' rescue plan

6th January 2011, Comments 0 comments

Britain's finance minister George Osborne said on Thursday that the eurozone needs to move quickly to put into place a convincing rescue mechanism to avoid another debt crisis.

"We need the euro to succeed and we need the steps to be taken in the next few months to put in place a convincing permanent crisis resolution mecanism," Osborne said at a conference in Paris on economic change.

In order to not "find ourselves, in January 2012, in dealing with yet another eurozone crisis ... we need a more comprehensive solution."

At a summit last month EU leaders decided to create a permanent financial rescue mechanism for ailing euro nations starting in mid-2013, replacing temporary arrangements amounting to EUR750 billion ($1.0 trillion), but many details have yet to be decided in coming months.

© 2011 AFP

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