Dutch Finance Minister Jan Kees de Jager said the euro-area’s 750 billion-euro financial backstop is sufficiently large “at the moment” to handle the region’s debt troubles and European governments must focus on balancing their budgets.
“Certainly, at the moment, it’s large enough,” he told reporters today in Brussels. “We have to address the mid-term and long-term challenges” to Europe’s economy.
Asked whether Portugal and Spain might have to follow Ireland in seeking emergency funds from the backstop, he said: “We are ready to defend the euro if necessary. I don’t see any reason to see any danger.”
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