IMF aid may be needed as single currency faces ‘crucial 10 days’

EUROPE faces a crucial 10 days to save the eurozone, after agreeing to ramp up the firepower of its bailout fund but acknowledging it may have to turn to the International Monetary Fund for more help to avert financial disaster.

“We are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union,” Economic and Monetary Affairs Commissioner Olli Rehn said yesterday as EU finance ministers met.

Eurozone ministers agreed detailed plans on Tuesday to leverage the European Financial Stability Fund (EFSF), but could not say by how much because of rapidly worsening market conditions, prompting them to look to the IMF.