Euro crisis pressure mounts

AS the euro crisis threatened to become a political one last night, the EU came under severe pressure from countries worldwide concerned that they are being dragged under by the failures to protect the single currency.

There is growing consensus that the solution is to empower the ECB to buy up sovereign bonds in a big way and allow the rescue fund, the EFSF, to directly recapitalise EU banks.

But both of these suggestions are staunchly opposed by Germany and the ECB.