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Eurozone seen recovering before US

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Eurozone seen recovering before US
Photo: DPA
11:39 CEST+02:00
The eurozone is in better shape than the United States and will overcome its current debt crisis by 2014, according to the German head of the European Financial Stability Facility (EFSF).

"In all eurozone countries the fundamentals are improving," Klaus Regling told the latest edition of Der Spiegel magazine.

He said countries in the region have started putting their finances in order and already some of those worst affected by the crisis, such as Ireland, are back on their feet.

The EFSF was set up last year to help shore up debt-ridden countries. Its role is shortly to be expanded in line with measures agreed to by eurozone leaders in July.

Regling believes the eurozone's financial situation is better than that of the United States.

"The US deficit, for example, is three times as high as that of the eurozone," he pointed out.

AFP/mw

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