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Merkel maintains hard line against eurobonds

The Columbian
Published: December 15, 2010, 12:00am

BERLIN (AP) — German Chancellor Angela Merkel says she rejects the creation of pan-European bonds as the continent’s leaders prepare for a summit to consider new rules for future eurozone debt crises.

Merkel said Wednesday that the “collectivization of risks” would be a mistake — renewing the outright rejection by Europe’s biggest economy of an idea floated by Italy and Luxembourg.

Merkel told lawmakers that Europe needs to talk about deeper political and economic integration in a way that combines “solidarity and improvement of competitiveness.”

She insisted anew that a permanent rescue mechanism to take effect once the current 750 billion ($1 billion) bailout fund expires in 2013 must foresee participation by private creditors.

EU leaders meet in Brussels Thursday and Friday.

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