EFSF Chief: Zero Chance of Eurozone Breakup

Klaus Regling (L) is pictured here with the President of the Eurogroup Luxembourg's Prime Minister Jean-Claude Juncker (R) at a press conference in Brussels. Photo by EPA/BGNES

A bailout for Ireland and fears that Portugal or Spain might need help soon won't trigger the breakup of the eurozone, European Financial Stability Fund chief Klaus Regling said Thursday.

Asked in an interview with Bild newspaper whether the euro would disintegrate, Regling said, "There is zero danger. It's inconceivable that the euro would collapse."

Regling, who has overseen the euro zone's EUR 440 B bailout fund since it was created last spring, said Ireland was not suffering from rampant speculation, but rather from a lack of buyers for its bonds.

"We're experiencing a buyer's strike, not wild speculation," Regling said.

He conceded that there is some uncertainty around whether the crisis will spread to other countries, but assured that the safety umbrella is "big enough for everyone".

"Of course the situation is serious," he added, when asked about comments by German Chancellor Angela Merkel, who has said the euro is in an "exceptionally serious" situation.

Klaus Regling said it is "unimaginable" that the euro could fail and no country would leave the eurozone of its own free will.

According to him for weak countries, that would be "economic suicide".

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