EU Leaders Agree on Mechanism to Stop Speculative Attacks Against Euro

Seeking to prevent the sovereign debt crisis from further deteriorating confidence in the 11-year-old euro, French president Nicolas Sarkozy, speaking after an emergency summit of eurozone leaders on Friday, said an “intervention unit” designed to fend off speculative attacks against euro members would be in place by Monday when the financial markets reopen.

Angela Merkel, the German Chancellor, said the financial backstop “must be thoroughly prepared, but it will be a very clear signal against those who want to speculate against the euro” – Telegraph

“We will defend the euro, whatever it takes,” European Commission President Jose Manuel Barroso told reporters early today after the leaders met in Brussels – Bloomberg

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