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Cracks Appear in Eurozone Bailout Solidarity

France and Germany appear to be at odds over how to best deal with the European debt crisis. French President Nicolas Sarkozy wants to see the European Central Bank provide itself provide more liquidity, while a majority of other EU particpants – including Germany – want to expand the European Financial Stability Fund to cover sovereign debt shortfalls.

“The path is closed for using the ECB to ease liquidity problems,” German Chancellor Angela Merkel told her conservative parliamentary caucus in Berlin, according to participants at a closed-door meeting.

Source: Reuters [1]

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Scott Boyd

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