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Hollande, Merkel determined to save euro

07-27-2012 23:38 BJT

PARIS, July 27 (Xinhua) -- French President Francois Hollande and German Chancellor Angela Merkel on Friday expressed their determination to save the euro after inflated Spanish and Italian borrowing costs once again fuelled fears of the European currency's collapse.

The two leaders of Europe's key powerhouses agreed that the two countries were "fundamentally attached to the integrity of the euro area" and that "they are determined to do everything to protect it," according to a statement by the French president's office.

"Member states, as the European institutions, according to their prerogatives, must fulfill their obligations to this end," the statement added.

Hollande and Merkel urged the swift implementation of decisions taken at the last European Union summit in June.

Spain and Italy have faced major market pressure with investors driving up their bond rates. This forced the Euroepan Central Bank (ECB) to step in and reassure its commitment to backing the two economies.

The bank "is ready to do whatever it takes to preserve the euro," ECB President Mario Draghi said on Thursday.

 

Editor:Zhang Dan |Source: Xinhua

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