Eurozone facing ‘survival crisis’

The President said that if the euro fails, so would do the European Union. At the same time, Van Rompuy said he was very confident the problems could be overcome.

Van Rompuy was speaking before the eurozone ministers’ meeting to address threats to the EU’s economic stability.

Questions have been raised whether members such as the Republic of Ireland and Portugal can manage their debts without help from EU funds.

“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,” he said.

Ireland has been insisting that it does not need EU help. However, there is intense speculation that both Ireland and Portugal may end up using EU’s bail out money.

Fernando Teixeira dos Santons urged his capital to “do the right thing for the euro and accept a bail-out.” Because of the worries spreading in the markets, investors believed that Ireland would be forced to seek emergency help.