Weber draws battle lines as pressure mounts on the euro

FRANKFURT - Bundesbank President Axel Weber fired the first shot in a brewing debate over how far the European Central Bank (ECB) should go to defend the euro.

As the single currency plunged on Wednesday, Weber said the threat of contagion from Greece's fiscal crisis doesn't merit "using every means", rebuffing calls for the ECB to consider buying government bonds.

ECB President Jean-Claude Trichet is under pressure to do more to calm markets after the pledge of a 110 billion-euro ($142 billion) bailout for Greece from euro-area countries and the International Monetary Fund failed to assuage investors' concerns.