ECB Official: $1T Package Is Not Enough To Save Eurozone

Agencia Estado in Brazil reports that the European rescue package of 750B euros (approx USD $1T) will not be enough to save the eurozone structurally, this according to an European Central Bank official.

Nout Wellink, member of the governing council of the European Central Bank (ECB), told the Dutch daily NRC Handelsblad that countries with debt problems like Greece need to get their budgets in order to prevent crises from developing.

Wellink, who described the bailout as "unprecedented," said the root of the problem is in the budget difficulties of the southern countries of the European Union.

"This problem needs to be solved, since the safety net is only temporary in nature,", he added.