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Edition: U.S. Article Comments (3) Video Email Print Reprints Read "Don't touch my junk" airport patdown protests fizzle 4:50am EST Exclusive: Corruption charges to feature in WikiLeaks release 24 Nov 2010 New corruption scandal deals blow to India's image 10:26am EST South Korea defense minister quits after attack | 10:51am EST UPDATE 2-Oracle ruling slams SAP's reputation 24 Nov 2010 Discussed 195 Obama’s Democrats in disarray over expiring tax cuts 98 Obama’s 2012 re-election prospects uncertain: poll 68 Wesley Snipes ordered to prison for tax conviction Watched Bejeweled bra exposed in NY Thu, Oct 21 2010 Row over vote orgasm video Fri, Nov 19 2010 High tech shopping with apps Wed, Nov 24 2010 No risk of euro zone breakup in Irish crisis: EU Tweet This Share on LinkedIn Share on Facebook By Paul Carrel and Paul Taylor BERLIN/PARIS (Reuters) - Senior euro zone officials dismissed any risk of the single currency area breaking up after financial markets, alarmed by Ireland's debt crisis, forced the borrowing costs of Portugal and Spain... Factboxes Key political risks to watch in Ireland 6:03am EST German proposals for new EU rescue mechanism 5:58am EST Related News Irish government confident budget will pass 10:41am EST Merkel assures investors no euro risk before 2013 10:28am EST Irish opposition says EC wants tough rules for 2011 10:32am EST Irish want political overhaul; end to cronyism 10:47am EST Irish finmin says crisis won't upset euro zone: report 5:58am EST IMF/EU deal for Ireland seen by start of December: EU spokesman 6:03am EST Timeline: Ireland unveils new austerity plan 6:03am EST Analysis & Opinion No-one comes out well in Ireland’s political posturing Why we have to support Ireland Related Topics Bonds News » Bonds » Global Markets » World » Ireland » Portugal » Regulatory News » Related Video Down and out in Dublin 8:26am EST A woman walks past graffiti depicting Ireland's Finance Minister Brian Lenihan and Prime Minister Brian Cowen as the Blues Brothers Dublin, November 24, 2010. Credit: Reuters/Cathal McNaughton By Paul Carrel and Paul Taylor BERLIN/PARIS | Thu Nov 25, 2010 10:47am EST BERLIN/PARIS (Reuters) - Senior euro zone officials dismissed any risk of the single currency area breaking up after financial markets, alarmed by Ireland's debt crisis, forced the borrowing costs of Portugal and Spain to record highs. "There is zero danger," Klaus Regling, chief of the euro's financial safety net, European Financial Stability Facility (EFSF), told German daily Bild in an interview published on Thursday when asked if the euro zone could break apart. "It is inconceivable that the euro fails," he said. Some economists and commentators, mostly in Britain and the United States, have suggested the 16-nation common currency launched in 1999 could split because of peripheral members' high debts and deficits, and a loss of competitiveness with Germany. But Regling said: "No country will give up the euro of its own will: for weaker countries that would be economic suicide, likewise for the stronger countries. And politically Europe would only have half the value without the euro." Greece received a three-year 110-billion-euro EU/IMF bailout in May, leading to the creation of the EFSF, which Ireland has now applied to tap to cope with the devastating impact of a banking crisis on its public finances. The cost of insuring Irish debt against default continued to rise on Thursday amid market doubts about Dublin's austerity plan. In another sign of waning confidence, European clearing house LCH.Clearnet increased the deposit it requires traders in Irish government bonds to post for the third time this month. The euro tumbled this week after German Chancellor Angela Merkel alarmed markets by saying the single currency was in an "exceptionally serious" situation. German Bundesbank chief Axel Weber, a powerful member of the European Central Bank's governing council, said he was convinced EU leaders would do whatever it takes to repel what he called an "opportunistic attack" on the currency area. Weber noted that the EFSF and other EU rescue funds had enough money, if necessary, to cover the borrowing needs of the four financially troubled members of the euro zone -- Greece, Ireland, Portugal and Spain. "If that is not enough, I am convinced euro zone states will do what is necessary to protect the euro," Weber told French business and political leaders in Paris on Wednesday evening. "But 750 billion (euros) should be more than enough to see off an attack on the euro zone." Currency and credit markets have been unnerved by German proposals to force bond holders to share the cost of any future default by highly indebted euro zone countries, as well as by the alarmist tone of recent comments by Merkel and European Council President Herman Van Rompuy. ECB policymaker Ewald Nowotny voiced irritation at Merkel for not "differentiating between the euro as a currency and the problems of individual (euro zone) states." Euro zone policymakers are hoping that Spain and Portugal can stave off an Irish- or Greek-style debt meltdown. A Reuters poll this week showed 34 out of 50 analysts surveyed believe Portugal will be forced to follow Ireland and ask for help. In a separate survey only four out of 50 economists thought Spain would seek external aid. 1 2 Next Bonds News Bonds Global Markets World Ireland Portugal Regulatory News Comments See All Comments (3) | Post Comment Nov 25, 2010 7:12am EST Klaus Regling: It is inconceivable that the Euro fails. Angela Merkel: The Euro is in an exceptionally serious situation. It appears that Klaus Regling lacks Angela Merkel’s imagination. breezinthru Report As Abusive Nov 25, 2010 9:25am EST Europe needs a weaker Euro in order to boost sales abroad, so let’s say this irish crisis has at least one good side… as long as it is under control.. Moreover it is a good lesson for european countries which now stop welcoming new members (too bad romania and co. managed to enter) which are economically retarded. Now it is funny to read FOREX specialists: USD will fail one day and EUR will fail the day after.. and math is always here to prove they are right.. dist0rsion Report As Abusive Nov 25, 2010 9:32am EST Not surprisingly, all these elite Eurocrats are saying ‘Don’t worry, be happy’ or some variation thereof. I suppose if they keep saying it long enough, people will eventually believe them, although I wouldn’t bet on it. I wonder how Herr Regling came up with this bit about Europe being worth only 50% of its value without the Euro. Huh? Frau Merkel contends that bondholders should take ‘haircuts’ on Eurozone debt and then her supporters are shocked – SHOCKED! – that bond traders promptly whack the bids. And Herr Weber – who really should know better – decries ‘opportunistic’ attacks against the Eurozone. A sorry sight, indeed, watching all these pathetic socialist politicians pointing fingers everywhere but at themselves. Gotthardbahn Report As Abusive See All Comments (3) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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