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No magic wand for euro zone crisis: Merkel

Wednesday, June 27, 2012 - 01:29

June 27 - German Chancellor Angela Merkel accuses other European leaders of wanting to put the cart before the horse by pressing for common bond issuance to fight the euro zone crisis before agreeing to tough new budget controls. Rough Cut (no reporter narration).

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ROUGH CUT - NO REPORTER NARRATION Speaking in the Bundestag lower house of parliament before a summit in Brussels on Thursday and Friday, Merkel did leave the door open for the first time to using proceeds from a proposed financial transactions tax (FTT) to boost growth and competitiveness in struggling euro countries. (SOUNDBITE) (German with English translation) ANGELA MERKEL, GERMAN CHANCELLOR, SAYING: "There is no easy and quick solution. There is no magic formula, or single coup with that can make the government debt crisis go away once and for all. No, if we want to succeed at overcoming this crisis in the long-term, then the only possibility is to understand this as a process of consecutive steps and measures, which will get to the root of the problem. "Apart from instruments like euro bonds, euro bills and debt redemption funds being unconstitutional, I also deem them economically counter productive. "Ladies and gentlemen, I am under no illusions. I fully expect controversial discussions in Brussels, and once again all eyes, or most eyes, will be on Germany. But I repeat what I have already stated in this parliament on June 14th. Germany is Europe's economic engine and anchor of stability, but Germany's strength is not infinite. Germany's forces are not without limits. And we should not overestimate Germany's prowess."

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No magic wand for euro zone crisis: Merkel

Wednesday, June 27, 2012 - 01:29