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€1.1 trillion eurozone rescue plan 'not enough'

THE former head of Germany's central bank said a €1.1 trillion plan to rescue the eurozone may not be enough to save the single currency.

And former Bundesbank chief Axel Weber blamed countries such as Ireland for not doing enough to cut spending.

Mr Weber told an audience in the Swiss resort of Davos that the European Central Bank's massive money printing operation to be revealed today, will "only (be) part of the fix".

ECB president Mario Draghi and senior ECB officials began talks last night and will decide today whether or not to launch a programme to boost the faltering eurozone economy.

Sources said the programme would involve buying around €50bn worth of government bonds a month for between one and two years.

Irish Independent