“Reaffirm their inflexible determination to honor fully their own individual sovereign signature”
Something seems to have been lost in translation, or the market is about to be disappointed.
+——————————————————————————+
Merkel, Sarkozy Propose Tighter Budget Rules in EU Overhaul
2011-12-07 14:18:39.873 GMT
By Gregory Viscusi
Dec. 7 (Bloomberg) — French President Nicolas Sarkozy and
German Chancellor Angela Merkel proposed amending European
treaties to tighten rules on deficit spending and water down
provisions demanding investor losses.
In a joint letter to European Union President Herman Van
Rompuy, the French and German leaders said they want a decision
at an EU summit starting tomorrow so that the measures can be
ready by March 2012.
The new treaty should call for “automatic consequences”
for euro-zone members with deficits over 3 percent of their
economic output. The treaty should “make clear that Greece
required a unique and exceptional solution” and that other
euro-area members “reaffirm their inflexible determination to
honor fully their own individual sovereign signature.”
For Related News and Information:
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–Editors: James Hertling, Fergal O’Brien
To contact the reporter on this story:
Gregory Viscusi in Paris at +33-1-5365-5068 or
gviscusi@bloomberg.net
To contact the editor responsible for this story:
James Hertling at +33-1-5365-5075 or
jhertling@bloomberg.net
-0- Dec/07/2011 14:08 GMT
