Barroso calls on eurozone to speed up completion of EFSF legislation
EC president calls for urgent action on bailout mechanism, but analyst says it could be months before the EFSF is legally allowed to purchase government bonds on the secondary market
José Manuel Barroso, president of the European Commission (EC), has urged member states to speed up the approval of enhancements to the eurozone bailout mechanism, amid concerns contagion effects from the sovereign debt crisis are spreading to Italy and Spain.
In a letter to European heads of state on August 4, Barroso expresses "deep concern" over developments in the sovereign bond markets of Italy, Spain and other eurozone member states, noting that while plans to increase the flexibility of
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