Wednesday, August 17, 2011

Europe Says NO to Eurobonds

Germany's Finance Minister Wolfgang Schäuble made it very clear:

"I rule out eurobonds for as long as member states conduct their own financial policies and we need different rates of interest in order that there are possible incentives and sanctions to enforce fiscal solidity."

Eurobonds require unanimous approval.

"German Chancellor Angela Merkel and French President Nicolas Sarkozy rejected an expansion of the 440 billion-euro ($633 billion) rescue fund and rebuffed calls for joint euro borrowing to end the debt crisis, saying greater economic integration was needed first".

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