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June 5, 2012

Germany Signals Readiness on Shared Euro Deal 
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As the European debt crisis continues, Germany has signaled it is
prepared to accept a deal that would give aid to indebted countries in
exchange for more centralized control over government spending in
Europe. The plan would likely involve pooling much of Europe’s bad
debt and paying it off over the next roughly 25 years. In exchange for
financial support, Germany has called for individual states to yield
sovereignty to a central fiscal authority, a plan that could meet with
resistance in other European countries. The finance chiefs of the Group
of Seven industrialized countries are holding an emergency session today
on the eurozone debt crisis. At the White House, Press Secretary Jay
Carney said Europe will face continued pressure to take drastic steps.

Jay Carney: "Europeans have the capacity to take action to resolve this
and they have already taken actions that are significant, but serious
risks remain and there is no question that markets remain skeptical that
the measures taken thus far are sufficient to secure the recovery in
Europe and remove the risk that the crisis will deepen. So we,
obviously, believe that more steps need to be taken."

 

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