German Chancellor says that new short-term initiatives would make the countries in crisis to stop doing homework. For Merkel, a union of debt would affect the credit credibility of the euro area countries and a worse assessment of the qualification. Merkel and Papandreou held a key meeting for European rescue umbrella. Obama: The situation in Europe is scaring the world. German Chancellor Angela Merkel, rejected Tuesday the development of new short-term programmes in the European Union (EU) as an instrument to deal with the debt crisis and the stability of the euro. We are not prepared for new initiatives in that regard, said Merkel in a speech to business dome in the presence of Greek Prime Minister Yorgos Papandreu and German on the day of the German industry. The German Chancellor reiterated his rejection of a collectivisation of debt, since that would make that they stop doing the duties those who are mired in the crisis budget and would not lead to a union of stability, which described as a priority objective. A union of the debt would affect the credit credibility of the euro area countries and a worse assessment of the qualification, with the risk of start in AAA and finish at CCC, said the Chancellor, has also time and again repeated its rejection to the issuance of Eurobonds.
German Chancellor lamented that not enough regulation of the banking sector and the markets is reached and expressly cited to Spain when it comes to celebrate the success of the germano-gala initiative to include the new borrowing limit in the Constitution of the EU countries. After expressing the full support of Germany to efforts by Athens to deal with the crisis, Merkel stressed that the most important thing now is Greece to win confidence. That the markets see that Greece is on the right track. Enlargement of the euro bailout Fund and overlooking the vote this Thursday in the Bundestag of the enlargement of the umbrella for the rescue of the euro, Chancellor returned to make a single currency dnsa to emphasize the benefits that brings to Germany, which exports 60% of its products to the countries of the zone euro precisely.