Published: May 09, 2010 6:02 PM EDT

BRUSSELS (AP) - The chair of a meeting of European Union finance ministers is promising to do "whatever is necessary" to set up a rescue mechanism for the embattled euro and keep speculators at bay, before markets open again on Monday.

Spanish Finance Minister Elena Salgado says the ministers will work out plans to improve the stability of the euro after the currency was rocked over the past weeks by of the Greek financial meltdown.

Underscoring the urgency, the European Commission is already working out the details of the deal to immediately stabilize the euro and deter any aggressive market movements against the currency shared by 16 EU nations.

Attention has also turned to the fragile financial systems of Spain and Portugal, which could drag the whole of the euro zone further down.