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Merkel Drive to Save Euro May See Joint Bond Surrender as Crisis Spreads
German Chancellor Angela Merkel may need to surrender her opposition to issuing common bonds in order to stop a debt crisis that is threatening to splinter the euro region. Merkel, who calls the single currency a “work of peace” and part of Europe’s “uniting idea,” is the key holdout on so- called euro bonds. With leaders meeting in Brussels today, her stance may eventually weaken amid signs the heart of Europe is becoming infected by the 21-month debt crisis as yields on Spanish and Italian 10-year bonds reach euro-era records. “Once they look into the abyss of a major speculative attack on Italy,” ... (full story)
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