Rescue Fund Controversy France and Italy Seek Ultimate Firepower for ESM

Several leading euro-zone countries want to provide the euro bailout fund with the power to obtain unlimited credit from the European Central Bank to prevent the need for a full-fledged Spanish bailout and calm the markets, according to media reports. In Berlin, German politicians still oppose the proposal.
French President François Hollande (left) and Italian Prime Minister Mario Monti want the ESM to have access to unlimited funds.

French President François Hollande (left) and Italian Prime Minister Mario Monti want the ESM to have access to unlimited funds.

Foto: MAX ROSSI/ REUTERS
cro -- with wire reports