Arab Today, arab today merkel don\t overestimate germany as euro crisis fighter
Last Updated : GMT 05:25:49
Arab Today, arab today
Arab Today, arab today

Merkel: Don\'t overestimate Germany as euro crisis fighter

Arab Today, arab today

Arab Today, arab today Merkel: Don\'t overestimate Germany as euro crisis fighter

Berlin - AFP

German Chancellor Angela Merkel said on Thursday that the eurozone crisis would dominate next week\'s G20 summit but warned world leaders that her powers to act were limited. In a speech to lawmakers ahead of the meeting of G20 leaders in Los Cabos, Mexico on June 18-19, Merkel warned Europe could not take the easy way out with solutions based on \"mediocrity\" that failed to address core problems. \"All those looking to Germany again in these days in Los Cabos, who are expecting a drumroll and the answer... I say to them Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe,\" Merkel said. \"But Germany\'s powers are not unlimited,\" she said, cautioning against counting too much on Germany as the sole crisis fighter in Europe. \"All the (aid) packages will ring hollow if you overestimate Germany\'s strength,\" she said. Merkel acknowledged that Germany found itself centre stage as world leaders worry about the incalculable impact of the eurozone debt crisis on the global economy. \"The debt crisis will be the main issue at the summit,\" Merkel said. \"Our country will be the centre of attention -- it\'s a fact, all eyes are on Germany because we are the biggest European economy and a major exporter.\" But Europe would only find a way out of the crisis with a strong \"political union\" that mandated greater fiscal coordination and oversight to put member countries on a \"solid and honest foundation\", she said. \"Germany is investing its strength and its power, not only for the benefit of the people in Germany but also in the interest of European integration and in the interest of the global economy,\" she said to applause. But she said all those clamouring for Germany to \"pour billions into eurobonds, stability funds, European bank deposit guarantee funds\" in a bid to calm the markets were looking for a quick fix to the crisis that was unsustainable. And she said that many of the countries crying out for German action, notably the United States, needed to turn their backs on deficit-spending and start implementing the kinds of structural reforms Berlin has put in place. \"Financing growth with new borrowing must stop,\" she said. A German government source had said on Tuesday that Berlin would not bow to pressure to boost growth with more borrowing and would \"maintain that line\" at the G20 summit. \"We do not need growth bought on credit, and the Americans understand that,\" the senior official, speaking on condition of anonymity, said. \"We will maintain that line.\" The source said responsibility for the deterioration of the global economy \"rests on several shoulders\" and should not be \"reduced to the eurozone\'s problems,\" noting the role of the United States, China and some G20 emerging economies. Germany has come under intense pressure, notably from US President Barack Obama, to do more to put an end to the eurozone crisis as it is seen as a threat to the fragile US recovery and the global economy as a whole. However Berlin has resisted calls for new European stimulus programmes to promote economic growth, saying that fiscal discipline is the only way to restore market confidence in the eurozone.

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 merkel don\t overestimate germany as euro crisis fighter Arab Today, arab today merkel don\t overestimate germany as euro crisis fighter

 



Arab Today, arab today

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 merkel don\t overestimate germany as euro crisis fighter Arab Today, arab today merkel don\t overestimate germany as euro crisis fighter

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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