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Post by dait on Nov 16, 2011 21:27:54 GMT -5
Divisions are sharpening between Germany and France over their response to Europe’s expanding debt crisis, a clash which threatens to disrupt the alliance at the core of the political response to the debacle. With French borrowing costs under pressure as the turmoil widens, Paris took decisive steps to renew a campaign opposed by Berlin to deepen the role of the European Central Bank in the battle against the crisis. The escalating hostilities, emphasised in public remarks by German chancellor Angela Merkel and French finance minister Francois Baroin, came as US president Barack Obama intervened yet again to call on European leaders to confront what he described as a “problem” of political will. “Until we put in place a concrete plan and structure that sends a clear signal to the markets that Europe is standing behind the euro and will do what it takes, we are going to continue to see the kinds of market turmoil we saw,” Mr Obama said during a visit to Australia
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