Merkel jeopardising euro rescure

Angela Merkel once again rejected the idea of introducing Euro bonds on Tuesday. The German Chancellor's stance is endangering the entire Eurozone, the business paper Il Sole 24 Ore criticises: "The innovative character of the common bond has not yet been recognised. It consists in their covering bonds through tangible assets like gold reserves, public infrastructure and stakes in state-owned real estate. The fact that the debtor countries too would also give guarantees - Italy would cover up to 180 billion euros - should convince the Germans of the merits of the proposal. Moreover the Eurozone is clearly facing a growing number of threats - in particular France. The danger of a collapse of the monetary union is still present. This would have negative repercussions for the German economy, whose projected debt of 2.159 billion euros for 2013 is by no means a pittance."

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