Germany said on Friday it stood ready, just like the European Central Bank, to do all in its power to ensure the survival of the euro but it reiterated its opposition to granting a banking license to the euro zone’s bailout funds.
“The president of the ECB said the ECB will do all that is necessary to maintain the euro and the German government will do all that is politically required to maintain the euro,” government spokesman Georg Streiter told a news briefing.
“The ECB makes its contribution and the German government makes its contribution,” Streiter added.
Finance ministry spokeswoman Marianne Kothe reiterated Berlin’s view that the EU treaty does not allow the EFSF bailout fund to receive a banking license – one idea mooted to relieve market pressure on heavily indebted states such as Spain.
Kothe said Finance Minister Wolfgang Schaeuble would issue a statement later on Friday about the general situation in the euro zone, where yields on Spanish and Italian debt have soared this week amid resumed fears for the future of the euro zone.
via Reuters 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.