Klaus Regling to head euro bailout vehicle

Klaus Regling, a former director general for the European Commission's economic and financial affairs wing, was named chief executive of the European Financial Stability Facility.

Regling on Thursday took office at the Luxembourg-based firm, set up to provide a financial backstop for eurozone members who run into funding difficulties.

"The European Financial Stability Facility is an integral part of the framework to safeguard financial stability in Europe," Regling said. "It is important that we

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