Germany Nixes Combining Funds

Nation rejects proposals to combine current, permanent eurozone rescue funds.

Germany rejected proposals to combine the current and permanent euro-area rescue funds as Chancellor Angela Merkel’s government said divisions may prevent agreement on a debt-crisis strategy among all 27 European Union states this week.

Germany will oppose any attempt to change an agreed sequence, in which the permanent European Stability Mechanism will take over from the current rescue fund at an appointed time, a German official told reporters in Berlin today on condition of anonymity because the negotiations are private.

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