Germany's Merkel: Situation serious, but leaders determined to secure euro stability

German Chancellor Angela Merkel stressed European leaders' determination to secure the stability of the euro on Saturday, acknowledging that the eurozone faces a "serious situation" as Greece's debt crisis rattles markets and other nations face fears of speculation.

The 16 eurozone leaders agreed Friday night to set up a defence plan to shield their shared currency against further attack by the time markets open Monday. Their finance ministers will hold an emergency meeting Sunday to work out specifics of the anti-speculation plan

Merkel said European leaders were going beyond the existing rescue plan for Greece "because we see that the stability of the eurozone as a whole is not yet secured with this Greek program alone."

For more: The Canadian Press: Germany's Merkel: Situation serious, but leaders determined to secure euro stability