|
Germany's deputy foreign minister quickly dismissed the eurobond idea. "By beginning with pooling of debt, we're heading toward a dead end," Michael Link said in Luxembourg, repeating a sentiment often expressed by Chancellor Angela Merkel. The document is long on vision but short on detail, especially measures to address short term stresses that are threatening to shatter the single currency. On Monday, Spain requested financial help to recapitalize its banking industry, and yields on Spanish and Italian government bonds are rising toward levels that forced the governments of Greece, Portugal and Ireland to seek bailouts. But Spain and Italy are widely considered "too big to bail"
-- even for Europe's biggest and strongest nation, Germany. "Standing still is not an option," Barroso told reporters Tuesday, discussing the plan. "A big leap forward is now necessary." At the end of the report, Van Rompuy volunteered to develop a "specific and time-bound roadmap for the achievement of the genuine economic and monetary union" by December.
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor