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Merkel and Sarkozy call for swift bailout for Ireland

By ASSOCIATED PRESS

NOVEMBER 25, 2010 22:55

BERLIN — The 16-nation euro currency will survive the debt crisis, German Chancellor Angela Merkel vowed Thursday, and a senior central banker said the European Union would be willing to increase its €750 billion ($1 trillion) bailout fund if necessary.

Merkel and French President Nicolas Sarkozy also called for a swift conclusion of the negotiations for an Irish bailout.

Axel Weber, the head of Germany's central bank and a leading rate-setter at the European Central Bank, said Thursday that European nations would be willing to boost the emergency fund by as much as €100 billion ($133 billion) to fully cover the total public debt load of Greece, Ireland, Portugal and Spain.

But when Merkel and Sarkozy discussed the eurozone's troubles on the phone Thursday evening they said the €750 billion emergency fund for the euro would remain unchanged until it expires in 2013, German government spokesman Steffen Seibert said in a statement.

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