Europe determined to fend off euro attacks: Juncker:

BRUSSELS (BestGrowthStock) – European leaders hold a conviction to defend the euro but must clarify that there is a rescue umbrella over the whole single-currency bloc, not just Greece, Eurogroup Chairman Jean-Claude Juncker said on Saturday.

Leaders of the 16 countries that use the euro decided on Friday they would have measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

European leaders are determined “to fend off the global attacks on the euro triggered by a wave of wild and blind speculation,” Juncker, who chairs regular talks among euro zone finance ministers, told Luxembourg RTL radio.

“We have to see what the (European) Commission proposes tomorrow,” he said as officials at the 27-country EU’s executive arm were trying to work out a crisis-prevention mechanism for approval by EU finance ministers at talks in Brussels on Sunday.

“I’m in contact with the Commission to see what we can do.”

Fears Greece’s debt woes could spread helped send the euro down on Thursday to $1.2520, its lowest since March 2009.

Juncker defended a deal between the EU and the International Monetary Fund to release 110 billion euros ($148 billion) in aid to debt-stricken Greece over three years, which the euro zone leaders approved on Friday.

“My opinion is that this sum is sufficient to solve the Greek problem. But it is also my opinion that one has to clarify that there is a bigger rescue umbrella over the euro zone, not just the one above Greece,” Juncker said.

“This is not just about attacks on Greece. They are partly founded, partly not — but one sees that there is a global operation going on to shake the euro zone in its foundations,” he said.

“That is what tomorrow’s finance ministers’ meeting is about. We have to make it clear that all euro zone countries are ready to defend each and every euro zone country, because they want to defend the euro zone as a whole.”

He said Friday’s meeting of euro zone leaders had been “quite superficial,” singling out France and Germany.

“It seems to me the objective was to tune French and German violins to the same pitch, rather than being about the euro zone formulating a conclusive answer.”

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(Reporting by Michele Sinner; writing by Dale Hudson)

Europe determined to fend off euro attacks: Juncker: