$1 trillion rescue package only buys time according to European Central Bank

The euro750 billion ($1 trillion) rescue loan package only bought euro zone countries more time, but didn’t resolve the continent’s underlying debt problem, German Chancellor Angela Merkel and a European Central Bank official said.

The market turmoil will only calm down if the 16 member states of the euro zone reform their economies and reduce their deficits, ECB chief economist Juergen Stark told the Frankfurter Allgemeine Sonntagszeitung newspaper on Sunday.

http://news.yahoo.com/s/ap/20100516/ap_on_bi_ge/eu_europe_financial_crisis