Wednesday, 17 March 2010

Merkel Supports Eurozone 'Red Card'

BBC: Germany's Chancellor Angela Merkel says she wants the eurozone to be able to exclude one of its members in future if that is necessary to avert a crisis.

Mrs Merkel told the German Bundestag (parliament) that existing EU rules were not strong enough to deal with the current crisis triggered by Greece.

Exclusion from the 16-nation eurozone would be a "last resort", she said.

Germany, seen as the driving force of the euro system, is reluctant to bail out Greece's debt-laden economy.

But Mrs Merkel said no eurozone country would be left on its own to deal with the current crisis. Greece's budget deficit - four times higher than EU rules allow - has raised fears of possible contagion in the eurozone. >>> | Wednesday, March 17, 2010