Merkel: no quick solution to crisis

AP - German Chancellor Angela Merkel is brushing aside pressure for a quick-fix solution to the euro crisis even as market tensions mount, arguing that spreading debt liability could ruin Europe's competitiveness and a massive European Central Bank bond-buying drive wouldn't resolve its problems.

George Soros, the billionaire speculator best known as “the man who broke the Bank of England” in 1992, has launched a stinging critique of Germany’s role in the euro crisis and suggested the single currency’s prospects would be improved if its most dominant member were to quit, reports The Guardian.

German Chancellor Angela Merkel has insisted that there is no quick and easy solution to the eurozone debt crisis.

German Chancellor Angela Merkel repeated on Wednesday her firm opposition to eurobonds, or pooling of European debt, calling them economically "wrong" and "counterproductive".She told lawmakers: "Apart from the fact that instruments like eurobonds, eurobills, debt redemption schemes and much more are not compatible in Germany with the constitution, I consider them wrong and counterproductive."

German Chancellor Angela Merkel flatly rejected any quick-fix ideas to try to resolve the European financial crisis, telling lawmakers Friday that treaty changes and a stricter fiscal union were the only path forward — a process that could take years.» E-Mail This     » Add to Del.icio.us

German chancellor Angela Merkel and French President Nicolas Sarkozy proposed a "quick new stability pact" that allegedly will bypass the need for treaties. However, there is already disagreement over the role of the ECB. Please consider Germany, France plan quick new Stability Pact