Austria call for Euro exit mechanism

Austria is calling for a mechanism to kick countries out of the eurozone if they fail to meet their economic commitments.

The Austrian deputy chancellor Michael Spindelegger said the system would need to be created by changing European Union treaties - a process he has said could take five years.

In a clear reference to Greece, he said that if the facility existed - it would have been used by now.

He also said creating an exit mechanism would boost market confidence in the Euro.