US rules out eurozone bail-out, as recession looms

The US Federal Reserve has no plans to contribute to a bail-out of Europe, but a euro collapse would have devastating effects on the economy, its chief, Ben Bernanke, told Republican senators on Wednesday (14 December) at a closed-door hearing.

Several senators confirmed after the meeting that Bernanke said he did not "have the intention or the authority" to provide support for the euro crisis.

Republican senator Bob Corker of Tennessee said that the central banker had offered th...