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Euro Crisis: Merkel - No Eurobonds “as long as I live”

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German Chancellor Angela Merkel has called Eurobonds “economically wrong and counterproductive” in an attempt to stop the proposed method of solving the European debt crisis.

Supported by France, Italy and Spain Eurobonds would mutualise the debt of countries within the Eurozone. Germany, the zone’s largest economy, instead proposes a permanent rescue fund, the European Stability Mechanism (ESM), which would supply financial aid to national banks.

The German Chancellor’s refusal comes before a European Union summit where the European Council President, Herman Van Rompouy, proposes that the proposed Eurobonds could be issued as a medium term solution.

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