EU socialists call for eurozone bailout fund

Brussels: European socialists are calling for a eurozone economy rescue fund to be set up that would be financed by selling bonds at rates well below the premiums that Greece and others are currently paying to finance their debt.

The Party of European Socialists says this would protect the 16 nations that use the euro "against speculative attacks on sovereign debt and the single currency."

European Union governments have been reluctant to say how they would rescue a eurozone country that is heading for bankruptcy.