Posted on 06/26/2012 1:27:10 PM PDT by bruinbirdman
Angela Merkel has firmly rejected the use of eurobonds ahead of a crucial summit in Brussels this week, ruling out jointly guaranteed eurozone debt for "as long as I live".
The German Chancellor's comments were met with applause as she briefed MPs from the Free Democrats party, her junior coalition partner, at an assembly meeting on Tuesday.
One official told AP that the crowd "reacted with applause to hearing that the Chancellor does not want a joint debt liability," while one participant reportedly shouted: "We wish you a long life!"
Several eurozone leaders, including French President Francois Hollande and Italian Prime Minister Mario Monti have called for the 17-nation bloc to draw-up plans to issue jointly-guaranteed debt in order to reduce borrowing costs for struggling eurozone nations.
Yields on benchmark 10-year government debt are currently at 6.8pc in Spain, and 6.15pc in Italy. Long term borrowing costs above 6pc are widely viewed as unsustainable in the long term.
Ms Merkel this week played down expectations of a major shift in policy from Germany at the EU summit, which starts on Thursday, and repeated that eurozone bonds would be "economically wrong and . . . .
(Excerpt) Read more at telegraph.co.uk ...
It’s funny how so many in the Euro-zone who are almost in as bad a shape as Greece and Spain, want the countries who aren’t as bad off to guarantee debt.
Thatcher II?
Not quite, Thatcher was an ally. No German could ever be compared to Thatcher.
I'll bet.
And why are these eurozone nations struggling?????
The Germans would be nuts to guarantee their debt. It would be like countersigning loans for a bunch of worthless in-laws--or giving them signed blank checks.
I'll bet.
And why are these eurozone nations struggling?????
The Germans would be nuts to guarantee their debt. It would be like countersigning loans for a bunch of worthless in-laws--or giving them signed blank checks.
Long live Angela Merkel...the only one with brass ones. Good for her!
yitbos
And that same mind set here in America is now calling for aggressive attacks against the Tea Party (Maxine Waters and Cher).
So over a decade later of them bailing out the rest of Europe and giving them tons of money, the Germans are tired of being held hostage to Greek and Spanish debt and mea culping over WWII. I say, good for them.
Good for her. Why the hell should Germany, a responsible nation, bail out the dead beats? The entire Eurozone should be dismantled.
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