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Hopes regain ahead of EU summit next week

12-03-2011 09:30 BJT

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An euro zone summit to tackle the growing debt crisis set for December 9th, is being seen by investors as possibly the last chance to avert a breakdown of the single currency zone. But German Chancellor Angela Merkel said on Friday that the "marathon" crisis will not be solved in one fell swoop. This story comes from Reuters.

Hopes are high ahead of an EU summit next week, seen as make or break for the euro zone.

European shares recovered on Friday, and looked headed towards posting their biggest weekly gains since the beginning of the 2008 financial crisis.

Ten year German government debt outperformed U.S and British debt - and yields on Italian and Spanish debt fell further on hopes there will be a breakthrough.

Robert Halver is from Baader Bank.

Robert Halver, Baader Bank, said, "Next week we’ll have a very important week. First of all we’ll have the EU summit, definitely, it’s very important because we still need very long lasting solutions."

But German Chancellor Angela Merkel tried to dampen expectations.

Angela Merkel, German Chancellor, said, "There are no easy and fast solutions, especially not, as some people insist on saying ahead of every summit, the apparent one last push. That is neither my kind of language nor my way of thinking. The resolution of the euro crisis is a process. And this process will take years."

She ruled out the possibility of the European Central Bank printing money like the Bank of England or U.S. Fed - and also the introduction of eurobonds, saying they would breach Germany’s constitution.

But she is calling for greater European powers to control national budgets, and tougher punishments for countries that run up large deficits.

Angela Merkel, German Chancellor, said, "We are going to Brussels with the goal, and I want to emphasise this, to bring about treaty changes, and in the spirit that we want to avoid creating a wedge between Euro countries and non-Euro countries."

In Paris, French President Nicolas Sarkozy met with British Prime Minister David Cameron, to discuss plans for tougher euro zone governance - and soothe fears about the potential impact on British influence.

Sarkozy will then meet with Merkel on Monday, ahead of next Friday’s summit.



Editor:Zhang Pengfei |Source: CNTV.CN

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