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Eurozone facing 'survival crisis' | Eurozone facing 'survival crisis' |
(40 minutes later) | |
The European Union is in a "survival crisis" over eurozone debt problems, the EU Council president has warned. | The European Union is in a "survival crisis" over eurozone debt problems, the EU Council president has warned. |
Speaking hours before eurozone ministers meet to address threats to the bloc's economic stability, Herman Van Rompuy said that if the euro failed, so too would the EU. | Speaking hours before eurozone ministers meet to address threats to the bloc's economic stability, Herman Van Rompuy said that if the euro failed, so too would the EU. |
Members such as the Republic of Ireland and Portugal are under fresh scrutiny. | Members such as the Republic of Ireland and Portugal are under fresh scrutiny. |
Questions have been raised over whether they can manage their debt without help from EU funds. | Questions have been raised over whether they can manage their debt without help from EU funds. |
Mr Van Rompuy said he was "very confident" the problems could be overcome. | Mr Van Rompuy said he was "very confident" the problems could be overcome. |
But he added: "We all have to work together in order to survive with the eurozone, because if we don't survive with the eurozone we will not survive with the European Union." | But he added: "We all have to work together in order to survive with the eurozone, because if we don't survive with the eurozone we will not survive with the European Union." |
Bond auction | Bond auction |
The Irish Republic has insisted it does not need EU help. | The Irish Republic has insisted it does not need EU help. |
But there is intense speculation that both it and Portugal may be forced to use EU bail-out money. | But there is intense speculation that both it and Portugal may be forced to use EU bail-out money. |
Portugal's finance minister has said that investors believed that his country would be forced to seek emergency help, because of the worries spreading in the markets. | Portugal's finance minister has said that investors believed that his country would be forced to seek emergency help, because of the worries spreading in the markets. |
Fernando Teixeira dos Santos urged Dublin to do the right thing for the euro and accept a bail-out. | Fernando Teixeira dos Santos urged Dublin to do the right thing for the euro and accept a bail-out. |
And the Spanish treasury secretary called on the Republic to act quickly to end market uncertainties. | And the Spanish treasury secretary called on the Republic to act quickly to end market uncertainties. |
On Tuesday, Spain held an auction of government bonds - a routine way for governments to raise funds. | On Tuesday, Spain held an auction of government bonds - a routine way for governments to raise funds. |
However as Irish bail-out concerns hit other eurozone periphery countries, the rates it must pay on money borrowed - the bond yield - was higher than that faced earlier in the year. | However as Irish bail-out concerns hit other eurozone periphery countries, the rates it must pay on money borrowed - the bond yield - was higher than that faced earlier in the year. |
Solidarity sought | Solidarity sought |
The BBC's business editor Robert Peston said that much hinged on the stance of the European Central Bank (ECB) - which has propped up the Irish Republic's banking system with loans it could not get on the money markets. | The BBC's business editor Robert Peston said that much hinged on the stance of the European Central Bank (ECB) - which has propped up the Irish Republic's banking system with loans it could not get on the money markets. |