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Merkel presses debt-strapped Europe on reforms (wants to end deficit spending)
Malay Business Insight ^ | 14 June 2012

Posted on 06/13/2012 10:14:38 PM PDT by Lorianne

BERLIN — German chancellor Angela Merkel said Tuesday that Europe’s heavily indebted nations must push ahead with structural reforms to get their economies back on track and MUST NOT RELY ON GOVERNMENT SPENDING TO FOSTER GROWTH.

Labor market and other reforms do not heal economies overnight but are the right way toward sustainable growth, Merkel said. “It would be absolutely wrong” not to pursue the path of reforms, she added.

The leader of Europe’s biggest economy has long advocated a mix of austerity measures and structural reforms, especially for struggling southern European nations like Greece, as well as Ireland, which had to be bailed out by its European peers.

Over the past weeks, as the continent has teetered on the brink of a recession, she has increasingly come under fire from many of her European counterparts, who have rallied behind French President Francois Hollande’s calls for a regional growth strategy.

Germany has shown solidarity with its European partners, Merkel told a gathering of her conservative Christian Democratic Union in Berlin, but “we must learn from the mistakes of the past” and END GOVERNMENTS' ADDITION TO FINANCING SPENDING WITH BORROWED MONEY.

Joerg Asmussen, a member of the European Central Bank’s executive board, backed Merkel’s stance but stressed that more must be done over the coming years toward a deeper integration of the eurozone “to get over the currency union’s construction mistakes.”

(Excerpt) Read more at malaya.com.ph ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS:
Gee, ya think?
1 posted on 06/13/2012 10:14:48 PM PDT by Lorianne
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To: Lorianne

As the only sane person in the room, she really has her work cut out for her.


2 posted on 06/13/2012 10:18:07 PM PDT by comebacknewt (Newt (sigh) what could have been . . .)
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To: Lorianne

“...ADDICTION TO...”

Germany has a bias toward slow monetary growth which will not allow the rest of the continent to grow sufficiently. This seems to me to be the one inconsistency in the EU which cannot be resolved without Germany changing its ideas here which I don’t see happening.

Some around here could probably tell us what the monetary targets for the ECB are.


3 posted on 06/13/2012 10:24:04 PM PDT by arrogantsob (Obama must Go.)
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To: Lorianne
...Over the past weeks, as the continent has teetered on the brink of a recession ...

That's not a recession they are teetering on the brink of.
4 posted on 06/13/2012 10:26:15 PM PDT by jjsheridan5
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To: Lorianne

She’s fighting the Solyndra approach: “Cure debt with more debt”


5 posted on 06/13/2012 10:33:45 PM PDT by ThirstyMan
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To: Lorianne

Send Obama to her for some schooling.


6 posted on 06/14/2012 1:10:51 AM PDT by Iron Munro (John Adams: 'Two ways to enslave a country. One is by the sword, the other is by debt')
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