The European Commission and EU finance ministers are meeting today to finalise the details of a financial support mehcanism aimed at shoring up the euro in the face of economic crises in several eurozone countries.
The broad outline was agreed at a eurozone leaders summit on Friday which also formally approved a 110 billion euro EU-IMF bail out for debt-ridden Greece.
German Chancellor Angela Merkel described the situation as “very serious”.
“If you look at the spread from Thursday or Friday you see we are facing a development that is not good in several countries, not just one country, and we decided to combat this serious situation with according measures,” she said.
While the main focus is on Greece, Portugal, Spain, Italy and Ireland are seen as potential prey for speculators because of their high national debt and the UK, while outisde the eurozone, could also be at risk.
European leaders say speculation is making a bad situation worse. They want to see protective measures in place before markets open for business on Monday to prevent Greece’s turmoil spreading to other countries.