IMF head warns of 'acute stress' in Europe
DON MELVINDON MELVIN, Associated Press?
?Christine Lagarde, center, managing director of the International Monetary Fund, speaks with Luxembourg's Prime Minister and President of the eurogroup Jean-Claude Juncker, right, and Luxembourg's Economy Minister Luc Freiden during a meeting of eurozone finance ministers in Luxembourg on Thursday, June 21, 2012. As the cracks in the euro currency seem to grow even wider, finance ministers from the 17 countries that use the currency brainstorm Thursday on how to stabilize it. (AP Photo/Virginia Mayo)
Christine Lagarde, center, managing director of the International Monetary Fund, speaks with Luxembourg's Prime Minister and President of the eurogroup Jean-Claude Juncker, right, and Luxembourg's Economy Minister Luc Freiden during a meeting of eurozone finance ministers in Luxembourg on Thursday, June 21, 2012. As the cracks in the euro currency seem to grow even wider, finance ministers from the 17 countries that use the currency brainstorm Thursday on how to stabilize it. (AP Photo/Virginia Mayo)
Greek Finance Minister Georgios Zanias, center, takes his papers out of his bag during a meeting of eurozone finance ministers in Luxembourg on Thursday, June 21, 2012. As the cracks in the euro currency seem to grow even wider, finance ministers from the 17 countries that use the currency brainstorm Thursday on how to stabilize it. (AP Photo/Virginia Mayo)
Spain's Economy Minister Luis de Guindos, right, speaks with European Central Bank President Mario Draghi during a meeting of eurozone finance ministers in Luxembourg on Thursday, June 21, 2012. As the cracks in the euro currency seem to grow even wider, finance ministers from the 17 countries that use the currency brainstorm Thursday on how to stabilize it. (AP Photo/Virginia Mayo)
German Finance Minister Wolfgang Schaeuble speaks with the media prior to a meeting of eurozone finance ministers in Luxembourg on Thursday, June 21, 2012. As the cracks in the euro currency seem to grow even wider, finance ministers from the 17 countries that use the currency brainstorm Thursday on how to stabilize it. (AP Photo/Virginia Mayo)
Spain's Economy Minister Luis de Guindos gestures during a news conference at the Ministry of Economy and Competitiveness in Madrid, Spain, Saturday, June 9, 2012. Spain asked for a European rescue of its troubled banks holding an emergency conference call with European finance ministers, a move that turned the nation into the fourth from the 17-nation eurozone to seek outside help since the continent's financial crisis erupted two years ago. (AP Photo/Andres Kudacki)
LUXEMBOURG (AP) ? The head of the International Monetary Fund is acknowledging the acute stress under which the euro currency is suffering and promising to send a mission to Greece by Monday.
Christine Lagarde said in Luxembourg late Thursday that "We are clearly seeing additional tension and acute stress applying to both banks and sovereigns in the euro area."
She called for more relaxed monetary policy by the European Central Bank, and for Europe to issue bonds backed by all countries.
In addition, Jean-Claude Juncker, the head of the eurogroup, said that Spain would make a formal request for financial assistance by next Monday.
Eurogroup finance ministers met Thursday evening in Luxembourg to try to find ways to stabilize the euro currency, which is threatening to crack under pressure of national debts and high borrowing costs.
Associated Press
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