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Winnipeg Free Press - PRINT EDITION
Germany still opposed to introducing eurobonds
BERLIN -- Germany has again made clear its opposition to French proposals for jointly issued bonds from the 17-nation eurozone as a way to create economic growth and ease the region's financial crisis.
At Saturday's G8 summit, German Chancellor Angela Merkel -- under urging from U.S. President Barack Obama and French President Franßois Hollande -- signed a statement that called for mixing painful cutbacks with growth-promoting measures to deal with a crisis that threatens the global economy.
The leaders warned budget deficits have to come down. But they also acknowledged an approach that's based mostly on austerity and longer-term reforms can't help countries out of recessions this year or next.
How exactly to encourage growth has become a controversial topic among European leaders, who will meet Wednesday in Brussels to try to find common ground.
France's Hollande has pushed for issuing debt backed by financially strong countries such as Germany to finance growth in weaker countries such as Greece or Portugal as one solution to the problem. Germany, however, has long and firmly resisted the idea of introducing eurobonds, arguing they would lessen pressure for heavily indebted countries to get their finances in order. They would also likely raise borrowing costs for countries in better shape, such as Germany.
-- The Associated Press
Republished from the Winnipeg Free Press print edition May 22, 2012 B9
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