News Summary: EU exec 'less pessimistic' on euro

The Associated Press

IS THAT A PULSE?: The European Union's financial affairs chief says he "less pessimistic" about the future of the euro than earlier this year but warned that the region was still a long way to go before the crisis over too much debt is solved.

THE DETAILS: Olli Rehn, the EU's financial and monetary affairs commissioner, said the organization's ability to react to the financial crisis in the 17 countries that use the euro has improved since crisis began two years ago. He welcomed the official launch Monday of Europe's new (EURO)500 billion ($647.9 billion) permanent bailout fund.

The OUTLOOK: The countries considered in the most tenuous financial condition are Greece and Spain. International lenders are preparing a report on Greece. Spain may need to request help in keeping the cost of its borrowing down.

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