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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 soughtSolidarity 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.
At the beginning of 1999, Ireland adopted the euro as its currency, which meant its interest rates were set by the European Central Bank and suddenly borrowing money became much cheaper.
Cheap and easy lending and rising immigration fuelled a construction and house price boom. The government began to rely more on property-related taxes while the banks borrowed from abroad to fund the housing boom.
All this left Ireland ill-equipped to deal with the credit crunch. The construction sector was hit hard, house prices collapsed, the banks had a desperate funding crisis and the government was receiving much too little tax revenue.
The economy has shrunk and the government has bailed out the banks. A series of cost-cutting budgets have cut spending, benefits and public sector wages and raised taxes. But there are still doubts about future government funding.
The main concern for the Republic's economy is its banks, most of which are now controlled by the government. They have had to borrow at least 83bn euros (
At the beginning of 1999, Ireland adopted the euro as its currency, which meant its interest rates were set by the European Central Bank and suddenly borrowing money became much cheaper.
Cheap and easy lending and rising immigration fuelled a construction and house price boom. The government began to rely more on property-related taxes while the banks borrowed from abroad to fund the housing boom.
All this left Ireland ill-equipped to deal with the credit crunch. The construction sector was hit hard, house prices collapsed, the banks had a desperate funding crisis and the government was receiving much too little tax revenue.
The economy has shrunk and the government has bailed out the banks. A series of cost-cutting budgets have cut spending, benefits and public sector wages and raised taxes. But there are still doubts about future government funding.
The main concern for the Republic's economy is its banks, most of which are now controlled by the government. They have had to borrow at least 83bn euros (