| Europe's hopes of ringfencing the embattled single currency through a €1 trillion-plus leveraged bailout fund are sinking due to spiralling bond yields, investor flight from eurozone debt, and failure to entice cash-rich governments in the far east to commit to the plan.
Klaus Regling, the head of the European Financial Stability Facility (EFSF), is expected to tell eurozone finance ministers meeting in Brussels on Tuesday evening that the scheme to quintuple the firepower of the fund by underwriting initial losses on eurozone bond-buying by China and sovereign wealth funds in the far and Middle East has failed to attract enough interest...............................................Full Article: Source |