January 25, 2012
IMF Managing Director Christine Lagarde said on Wednesday that combining the European Union's temporary EFSF rescue fund with its permanent ESM mechanism would help restore confidence in the flagging region and provide a solid firewall to the Greek crisis.
"If the two of them could make a common European pot, that would send a very strong sign of confidence in Europe," Lagarde told Europe 1 radio.
German Chancellor Angela Merkel has resisted calls to let the two funds to operate simultaneously, rather than allowing the ESM to replace the EFSF as originally planned. France is in favor of the measure.
The former French finance minister said Europe needed a strong firewall to prevent the crisis in debt-ridden Greece, where she said the situation was extremely difficult, spreading to the larger economies of Italy and Spain.
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