We alone can’t save eurozone: Merkel
14 Jun 2012 11:31 PM GMT
Germany warned it cannot not save the eurozone alone on Thursday as borrowing costs left Spain on the ropes and Italy and France met for critical talks on new formulas for beating the debt crisis.
Amid black news for Spain, worrying signs in Italy and France and concern over the upcoming Greek election, German Chancellor Angela Merkel sent a clear message that Germany’s financial power could not be the only way out of the crisis.
‘Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe. But Germany’s powers are not unlimited,’ she said in a speech outlining Berlin’s position ahead of the 18-19 June G20 meeting in Mexico.
Merkel’s firm warning came as French President Francois Hollande was in Rome for talks with reformist premier Mario Monti on growth strategies and EU integration and four days before crucial elections in Greece which could see the country exit the eurozone.
Hollande’s visit comes amid fresh fears that eurozone leaders may have failed to control the spiralling debt crisis and as market tensions over the fate of stricken Spain and Greece have left Italy also fending off debt-crisis sharks.
Panic in Rome’s halls of power saw some members of parliament Thursday calling on Monti ‘to persuade Germany to drop policies which have led to recession’ and ‘act to avoid Italy reducing itself to Greece’s state.’
The atmosphere between the eurozone’s biggest economies has been tetchy, though Paris and Berlin are said to be growing closer to agreement on growth stimulus measures.
Amid black news for Spain, worrying signs in Italy and France and concern over the upcoming Greek election, German Chancellor Angela Merkel sent a clear message that Germany’s financial power could not be the only way out of the crisis.
‘Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe. But Germany’s powers are not unlimited,’ she said in a speech outlining Berlin’s position ahead of the 18-19 June G20 meeting in Mexico.
Merkel’s firm warning came as French President Francois Hollande was in Rome for talks with reformist premier Mario Monti on growth strategies and EU integration and four days before crucial elections in Greece which could see the country exit the eurozone.
Hollande’s visit comes amid fresh fears that eurozone leaders may have failed to control the spiralling debt crisis and as market tensions over the fate of stricken Spain and Greece have left Italy also fending off debt-crisis sharks.
Panic in Rome’s halls of power saw some members of parliament Thursday calling on Monti ‘to persuade Germany to drop policies which have led to recession’ and ‘act to avoid Italy reducing itself to Greece’s state.’
The atmosphere between the eurozone’s biggest economies has been tetchy, though Paris and Berlin are said to be growing closer to agreement on growth stimulus measures.
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