German Chancellor Angela Merkel on Wednesday brushed aside the latest push to pool European debt, arguing that it would be "economically wrong and counterproductive" to make such a move before governments have shown they can comply with budget rules.
BRUSSELS/BERLIN — Greek Prime Minister Alexis Tsipras called for a speeding up of work to conclude a reform-for-cash deal with eurozone creditors to keep his country afloat after talks with German Chancellor Angela Merkel on Thursday that both sides called constructive.
The leftist Greek premier met the conservative German leader before an emergency European Union summit on migration, a day before eurozone finance ministers meet in Riga to review progress — or the lack of it — in slow-moving negotiations between Athens and its international lenders.
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.
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
Submitted by Simon Black of Sovereign Man blog, I’ve landed this morning in Frankfurt... financial capital of one of the few remaining ‘healthy’ countries in Europe able to inspire a modicum of confidence among investors.