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By Bob Dole
The industrious island has proved itself worthy of U.S. inclusion
Topic - Klaus Regling
Under pressure to deliver shock treatment to the ailing euro, European finance ministers failed to come up with a plan for European countries to spend within their means. Such a plan is needed before Europe's central bank and the International Monetary Fund consider stepping in to stem an escalating threat to the global economy.
Eurozone ministers offered Greece a $10.7 billion Christmas rescue package Tuesday to stem an immediate cash crisis, yet failed to resolve fears that the common euro currency might be doomed.
Is China now emerging as banker to the rest of the world? The United States owes China $1.3 trillion - out of a total U.S. public debt load of $14.1 trillion. The U.S. also owes almost $1 trillion to Japan.
European officials geared up to travel to Ireland and lift the lid on just how bad the country's banking woes are, as EU finance ministers struggled Wednesday to come up with a rescue plan that will keep bond market turmoil from spreading to Portugal and Spain.
"To be clear, we do not expect investors to commit large amounts of money during the next few days or weeks," Regling said. "Leverage is a process over time."
Klaus Regling said it would grow according to demands and market conditions, but assured reporters the fund was more than big enough to deal with Europe's immediate debt problems.