The 750 billion euro ($1 trillion) shock-and-awe rescue package to prevent the Greek debt crisis from spreading only bought euro zone countries more time, it didn’t solve their underlying debt problems, German Chancellor Angela Merkel and a European Central Bank official say.
Market turmoil over rising levels of European government debt - sparked by Greece’s immediate crisis - will only calm down if the 16 nations who share the euro currency reform their economies and reduce their deficits, the German leader and ECB chief economist Juergen Stark said in different forums. Full Piece
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