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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 Euro rescue pledges fail to dispel market unease AFP - Saturday, December 18 Send IM Story Print Euro rescue pledges fail to dispel market unease BRUSSELS (AFP) - – European Union leaders on Friday vowed to defend debt-plagued euro nations with a permanent bailout mechanism, but their pledges made little impression on markets as Ireland was hit with a punishing debt downgrade. EU President Herman Van Rompuy, speaking at the close of a two-day EU summit, said plans to rewrite a key treaty and to set up the emergency rescue fund from mid-2013 would make the eurozone "more crisis-proof." The successor to a temporary, IMF-backed trillion-dollar facility created after a debt crisis rocked Greece, would anchor "a comprehensive response to any challenges, as part of the eurozone's new economic governance." But analysts were quick to fault the deal for its lack of substance and absence of detail. European stock markets fell Friday, also weighed down by news of a sharp downgrade on Irish debt. Moody's Investors Service said said it had slashed Ireland's sovereign credit rating by five notches, citing increased uncertainty over the country's economy and public finances. Ireland, struggling to rein in debt, was recently accorded an 85-billion-euro (113-billion-dollar) EU-IMF bailout, a rescue that followed similar action on behalf of Greece in May. In London, FTSE 100 index shed 0.16 percent to finish at 5,871.75 points while in Paris the CAC 40 lost 0.54 percent to close at 3,867.35. The Frankfurt DAX fell 0.60 percent to 6,982.45. The euro too came under downard pressure against the dollar, which was bolstered by positive US economic data. German Chancellor Angela Merkel said the EU summit "clearly stated that the euro cannot be dissociated from Europe" and insisted that that the size of the future bailout fund, poised to introduce penalties for private-sector holders of government debt, would be "convincing." Alongside Ireland, Greece has also had to call in emergency EU-IMF loans, with Portugal, Spain, Belgium and even Italy likewise considered at risk by experts going into 2011. British Prime Minister David Cameron, more interested in crimping the bloc's budget for the next decade, wanted to ensure that non-euro London -- which volunteered loans for Ireland -- would not be required to participate in future rescues. "What Britain has secured in black and white is a clear and unanimous agreement that from 2013 Britain will not be dragged into bailing out the eurozone," Cameron said. French President Nicolas Sarkozy echoed Merkel's drive for cross-border economic governance to "go further," urging leaders to focus on competitive discrepancies between partners and saying the entire eurozone needed "convergence programmes, similar to the one we have instigated between France and Germany." Luxembourg's Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, expressed his belief that "we will not be able to escape debate on tax regimes... which must be given more harmony so that there is no tax competition" between nations. That was interpreted as a reference to Ireland's low corporation tax, which some wanted raised as a condition of its bailout. Despite the vow by the EU collectively to do "whatever is required," analysts were unconvinced. Carsten Brzeski of ING accused EU leaders of indulging in "window-dressing," with Frank Engels of Barclays Capital decrying "yet another missed opportunity." Jonathan Loynes of Capital Economics said the EU was "typically vague," doing "little to address uncertainties over the burden likely to be shouldered by private sector bondholders." These investors fear they will have to take 'haircuts' if a country needs to restructure debt, which was not the case with either Greece or Ireland. Loynes also noted that "the core economies' resistance to a further increase in the size of the bailout fund, or the introduction of common bonds, appears to be hardening." 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