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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Merkel seeks to soothe markets on eurozone AFP - 2 hours 53 minutes ago Send IM Story Print BERLIN (AFP) - – German Chancellor Angela Merkel sought Thursday to ease tensions on eurozone markets, insisting that stability in the 16-nation bloc had improved and that no member risked having to restructure its debt. She made clear that a proposal for investors to shoulder part of the costs of national bailouts would apply only after an existing rescue scheme expired in 2013, addressing critical uncertainty behind recent market turmoil. "There is a high degree of nervousness in the markets, and therefore I would like to make very clear here what I have often said," Merkel said in a speech in Berlin. "We are not talking about changing the current crisis mechanism that expires in 2013. Everything will stay as agreed. What we are talking about is a crisis mechanism for the future." "It is about what to do in the case of a country needing the crisis mechanism at some time for bonds sold after 2013 ... I see today absolutely no case of a eurozone country in such a situation." Her proposals, plus comments from Finance Minister Wolfgang Schaeuble that the euro was "at stake" as Ireland became the second eurozone country in six months after Greece to seek aid, had rattled markets. Merkel praised eurozone countries for their efforts in bringing their deficits under control. "I am more confident than in the spring that the eurozone will make it out of the current turbulence," she said. "Other countries have now made huge efforts recently, meaning that for the euro, I would say that from today's point of view we look considerably better when it comes to our stability culture than we did a year ago, or before the crisis." Merkel also said she saw no danger at present of any eurozone member being forced to restructure its debt. "I see today absolutely no case of a eurozone country in such a situation." Speaking at the same conference, the head of the German central bank, Axel Weber, dismissed the possibility that the euro was in danger. "Instead what we have is some countries who went off course with their finances," Weber said. He said eurozone countries would do everything in their power to shore up the euro in the midst of the crisis. "The governments of the eurozone have made completely clear that they are aware of their responsibilities to the euro, to the common currency, and they will do everything to secure this currency," Weber said. In an interview in mass circulation Bild earlier Thursday, the head of the EU's 440-billion-euro (dollar) stability fund, Klaus Regling, said there would be enough money to go around. "The safety umbrella would be big enough for everyone," he said. Meanwhile, Merkel and French President Nicolas Sarkozy were expected to speak later Thursday by telephone to discuss "the current problems in the eurozone," according to her spokesman. Earlier, French Foreign Minister Michele Alliot-Marie and German counterpart Guido Westerwelle said after talks in Berlin that the two countries were working on a new crisis mechanism to defend the euro against speculators. "We are confronted today by an attack by speculators on Europe and on the euro, with countries that could appear fragile the first in speculators' sights," Alliot-Marie told reporters. She said the aim was to have a system in place "allowing us to respond comprehensively and durably in order to ensure that the euro has a solid future," she added. But the head of the Eurogroup that brings together eurozone finance ministers took aim at Germany for a perceived lack of solidarity. "I am concerned that in Germany, the federal and local governments are slowly losing sight of the common European good," Jean-Claude Juncker told the Rheinischer Merkur local daily. 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