Arab Today, arab today german minister bailouts only buy time for eurozone
Last Updated : GMT 15:51:48
Arab Today, arab today
Arab Today, arab today

German minister :Bailouts only buy time for eurozone

Arab Today, arab today

Arab Today, arab today German minister :Bailouts only buy time for eurozone

Washington - AFP

Endless rescue packages for indebted economies are not the answer to the eurozone\'s woes, German Foreign Minister Guido Westerwelle insisted Friday, urging fiscal reform at the region\'s roots. Speaking a day after Greece announced talks on a new IMF bailout and as Athens struggles to get creditors to write off much of its debt, Westerwelle said the region must now commit to long-term fiscal probity. \"The debt economy itself has reached its limits,\" he told the Brookings Institution think-tank in Washington. \"Rescue packages and short-term liquidity are not a solution to the crisis.\" \"They are buying us time in which to address the root causes -- no less, but also no more.\" The \"big bazooka\" remedy advocated by many -- a massive support fund to buy time for Greece, Italy, Ireland, Spain and Portugal to right themselves -- was not enough for Europe to turn the economic corner, he said. As the eurozone\'s leading economy and principle creditor for any further bailouts, Germany has pressed the heavily indebted eurozone countries to quickly introduce structural reforms. He praised them for \"the efforts and sacrifices they have made\" in slashing spending that has taken their economies into recession. But he said, \"by no means do I advocate austerity only\" as the solution to the problem. \"Budget cuts alone will not do the trick. Structural reforms are essential for the creation of new growth. They are also essential for the long-term cohesion of the Eurozone,\" he said. Germany has been the prime driver for the fiscal union pact, agreed in December, that sets strict rules for fiscal balance among participating members of the European Union, including the 17 members of the eurozone. But meanwhile the EU and the International Monetary Fund are seeking contributions to a fund of at least $500 billion dollars -- including $200 billion from the EU -- to help strengthen the region\'s finances. Westerwelle repeated Germany\'s stance that it is committed to the European Union and the eurozone. \"The euro has assumed the role of a second global reserve currency... If we did not have it, we would have to invent it now -- as a lesson learnt from this financial crisis that would have had worse effects without a common currency.\"  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today german minister bailouts only buy time for eurozone Arab Today, arab today german minister bailouts only buy time for eurozone

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today german minister bailouts only buy time for eurozone Arab Today, arab today german minister bailouts only buy time for eurozone

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday