Euro ministers 'to hold debt crisis talks Monday'

Eurozone finance ministers will hold telephone talks on the debt crisis on Monday to flesh out decisions taken at a key summit earlier this month to save the European currency. With several eurozone nations under threat of a credit rating downgrade, a key focus of the conference call will be plans to boost International Monetary Fund (IMF) coffers to allow it to come to the aid of floundering members. A government source told AFP on condition of anonymity that the eurozone finance ministers, known as the Eurogroup, will hold telephone talks at about 1500 GMT Monday "to discuss what happens after the European summit of December 8 and 9" on saving the eurozone. European Union members who are not part of the monetary union will also take part in the talks. At the last summit, which saw Britain bloc plans for EU treaty change to save the currency, eurozone countries announced plans to pump 200 billion euros ($260 billion) into an IMF warchest. Eurozone members were to provide about three quarters, and other EU countries the rest. The aim was to allow the Washington-based institution to come to the aid of eurozone countries in difficulty, and the summit gave leaders 10 days to work out the details. Several countries have agreed to the move in principle, without saying how much they would be willing to contribute. But non euro country Britain has refused to take part. Fitch Ratings cast doubt Friday that a budget discipline pact European states intend to adopt would solve the eurozone debt crisis, and warned it may soon downgrade six countries, including Spain and Italy. Also Friday, Moody's ratings agency took action against a eurozone member, downgrading Belgium's credit rating by two notches. Fitch has changed its outlook on France's top triple-A rating to negative. All EU states except for Britain agreed last week to draft a strict pact with penalties to ensure they cut budget deficits and reduce their debt, aiming to get it drafted and signed by March.