Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Germany's Merkel: Greek bankruptcy won't help debt crisis

BERLIN — German Chancellor Angela Merkel sought Tuesday to calm market fears that Greece is heading for a chaotic default as Europe struggles to contain a crippling financial crisis.

Merkel rejected the notion that a Greek bankruptcy — a possibility raised a day earlier by her deputy that spooked markets — would provide a quick solution to the eurozone debt crisis.

She argued that Europe instead needs to stick to its efforts to cut budget deficits and improve its competitiveness, and that resolving the crisis would be "a very long, step-by-step process."

Her comments came ahead of a teleconference today with French President Nicolas Sarkozy and Greek Prime Minister George Papandreou.

Fears of an imminent Greek default pushed interest rates on the country's 10-year government bonds up Tuesday to a new record of over 24 percent, although Merkel sounded optimistic regarding Greece's chances of getting the next batch of bailout cash from the so-called troika — the European Commission, the European Central Bank and the International Monetary Fund.

Representatives from the three organizations are due back in Athens soon. Meanwhile, President Barack Obama urged European leaders to take a more forceful approach to the continent's debt problems.

"They have taken some steps to slow the crisis but not solve the crisis," Obama told a group of Spanish-speaking journalists Tuesday. "We will continue to see weaknesses in the world economy so long as this issue does not get resolved."

EU states want control over national borders

BRUSSELS — Germany, France and Spain warned the European Union's head office Tuesday not to meddle in how they manage their borders, insisting it's a question of state sovereignty.

The warnings came even as the bloc's member nations debate how to tackle issues such as illegal immigration and crime.

The three-country statement came as the EU Commission prepared to present plans Friday to better manage the Schengen zone of borderless travel through much of Europe.

The Schengen Agreement governing the zone is a legally binding treaty; 25 countries are currently members of the Schengen visa-free zone.

Germany's Merkel: Greek bankruptcy won't help debt crisis 09/13/11 [Last modified: Tuesday, September 13, 2011 10:17pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Video shows naked man who stole swan sculpture in Lakeland, deputies say

    Crime

    The Polk County Sheriff's Office is searching for a naked man who stole a large black and white swan sculpture from a Lakeland storage facility last weekend.

    The Polk County Sheriff's Office says this naked man stole a large black and white swan sculpture, upper right, from a Lakeland storage facility last weekend. Surveillance video showed the man walking into Lakeland Cold Storage. [Polk County Sheriff's Office]
  2. Fennelly: Dirk Koetter's apology no way to keep this fidget spinning

    Bucs

    TAMPA — It all began with a fidget spinner.

    This tweet from the Bucs, mocking the Falcons' 28-3 lead they lost in the Super Bowl against the Falcons, prompted a public apology from head coach Dirk Koetter, who called it "unprofessional and not smart."
  3. Jeb money trickles into Putnam's bid for governor

    Blogs

    Money from a Jeb Bush super PAC has made its way into Florida’s 2018 governors race.
     
    A year ago, Bush’s Right to Rise PAC put $1,171 in money

  4. Men have body image issues too

    Health

    I have lost and gained weight several times in my adult life. It wasn't a problem when I was younger and working construction. An "ideal" office job 30 years ago started the yo-yo effect. I don't have any more weight to lose, but the potential of gaining it back is always there.

    Andrew Meacham, September 2005
  5. Health officials outline their plan for writing medical marijuana rules

    Blogs

    Florida health officials are taking the very earliest steps toward rolling out rules to let patients use medical marijuana after state lawmakers failed to resolve the issue during the final hours of their session earlier this month.

    Medical marijuana