Ajai Chopra, head of the IMF mission in Ireland, said the European Union needed to adopt a more comprehensive and consistent approach to the crisis and urgently strengthen its bailout fund, the European Financial Stability Facility…

Chopra said all euro zone countries needed to accelerate „repair and reform“ of their financial sectors through rigorous tests of banks‘ health.

„Stress tests need to be followed, where appropriate, with bank recapitalization and in some cases banks may need to be restructured or closed down“