The president of the European Union has warned that the EU could collapse unless the debt crisis that is gripping the region is resolved.
Herman Van Rompuy, president of the European Council, raised the stakes ahead of this evening's showdown talks between finance ministers in Brussels. With Ireland and Portugal both on the brink of seeking a bailout, Van Rompuy warned that there is a serious risk of contagion spreading across the continent.
"We're in a survival crisis," Van Rompuy said in a speech in Brussels. "We all have to work together in order to survive with the eurozone, because if we don't survive with the eurozone we will not survive with the European Union."
However, the former Belgian prime minister added: "I'm very confident we will overcome this."
Van Rompuy's speech added to the pressure on the Irish government, which was continuing to resist international pressure to accept a bailout this morning.
http://www.guardian.co.uk/business/2010/nov/16/ireland-bailout-government-says-no-need-to-panic