Eurozone Leaders Act to Stop Greek Crisis From Spreading

Published November 17, 2014

Eurozone leaders have agreed to put emergency measures in place before the financial markets open again to prevent the debt crisis in Greece spreading to other countries.

During a late-night summit in Brussels, the 16 heads of the single currency countries said they were ready to take whatever steps were required to protect the stability of the euro area.

The leaders agreed to set up a crisis fund for all members to dip into in times of financial difficulty.

They also pledged to take "all measures needed" to speed up the process of reining in their national debts.

And they promised to strengthen financial governance, with tighter economic surveillance, more closely coordinated policies and more rigid rules on debt and deficit levels.

German Chancellor Angela Merkel said the "stabilization" fund would send "a very clear signal" to market speculators to back off.

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