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Euro rescue package ‘just buys time’: Merkel

Posted By admin On May 17, 2010 @ 7:30 am In Featured Stories | Comments Disabled

AFP [1]
May 17, 2010

A trillion-dollar package to shore up ailing eurozone economies merely buys time until the deficits of certain members of the 16-member zone are cleaned up, German Chancellor Angela Merkel said Sunday.

Speaking at a conference of the Confederation of German Trade Unions, Merkel said that recent speculation against the euro “is only possible because of huge differences in the economic strengths and debt levels of member states.”

With the rescue package, “we have done nothing more than to buy time until we have brought order to these competitive differences and to the budget deficits of individual euro countries,” she said.

The giant fund of loan guarantees, for which Germany will have to make available up to around 150 billion euros (186 billion dollars), was agreed in emergency talks in Brussels last Sunday.

Full article here [1]

Euro rescue package just buys time: Merkel 140410banner4 [2]


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URLs in this post:

[1] AFP: http://www.breitbart.com/article.php?id=CNG.cdc149211d17e9292605abc47c6a574f.721&show_article=1

[2] Image: http://infowars-shop.stores.yahoo.net/post4rioffe.html

[3] Merkel Says Germany Ready to Do `Whatever Needed’ to Save Euro: http://www.prisonplanet.com/merkel-says-germany-ready-to-do-whatever-needed-to-save-euro.html

[4] Obama Urged Merkel To Ram Through Euro Bailout: http://www.prisonplanet.com/obama-urged-merkel-to-ram-through-euro-bailout.html

[5] Euro hits four-year low on fears debt crisis will spread: http://www.prisonplanet.com/euro-hits-four-year-low-on-fears-debt-crisis-will-spread.html

[6] Euro in danger as the Greek crisis deepens and Merkel admits currency is at risk: http://www.prisonplanet.com/euro-in-danger-as-the-greek-crisis-deepens-and-merkel-admits-currency-is-at-risk.html

[7] IMF drawing up £500bn package to save Italy, Spain and the euro: http://www.prisonplanet.com/imf-drawing-up-500bn-package-to-save-italy-spain-and-the-euro.html

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