Merkel: Must prevent others from seeking hair cuts
DEGGENDORF, Germany (Reuters) - Chancellor Angela Merkel said on Friday it was important to prevent others from seeking debt reductions after European Union leaders struck a deal with private banks to accept a nominal 50 percent cut on their Greek government debt holdings.
"In Europe it must be prevented that others come seeking a haircut," she said.
Speaking in the Bavarian town of Deggendorf, Merkel also said that it was important to put restraints of speculative financial elements and show banks with better regulations.
Merkel also told a meeting of her conservative party that it will take many years to overcome the sovereign debt crisis, noting that it was affecting not only Europe but also the United States and Japan as well.
(Reporting By Christian Kraemer; writing by Erik Kirschbaum)
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings collapse in explosion, two dead
- Malaysia military source says missing jet veered to west |
- Ukraine appeals to the West as Crimea turns to Russia |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia