26 Nov 2010

Euro-zone break-up prospect dismissed

8:18 am on 26 November 2010

The head of the European Union's main bail-out fund has dismissed the possibility of a breakup of the 16-nation eurozone.

Klaus Regling of the European Financial Stability Facility says it is inconceivable that the euro fail.

There has been speculation that some countries may be forced to give up the euro in light of the Irish debt crisis.

The currency has fallen by more than three cents against the US dollar this week because of events in the republic.

Questions have been raised about the cost to the EU and the International Monetary Fund, of bailing out eurozone members.

Greece has received 110 billion euros and the Irish Republic is negotiating a rescue package worth an expected 85 billion euros.