UK PRESS: Radical plans for a European version of to.

UK PRESS: Radical plans for a European version of the IMF to bail out
crisis-hit countries would need a new treaty and the agreement of all
EU member states, Angela Merkel, Germany’s chancellor, warns, the FT
reports. Throwing her weight behind the proposals from Wolfgang
Schauble, her finance minister, Merkel admitted the EU had lacked the
tools to deal with the Greek debt crisis, the paper says. But she added
that a full-scale negotiation of the EUs 27 member states would be
needed to set up a European Monetary Fund, which would be able to bail
out eurozone members subject to strict budgetary conditions.