Merkel Rejects Quick Fixes

Chancellor to tell G-20 Germany can’t save global economy single-handedly.

Chancellor Angela Merkel rejected quick solutions proposed to fix Europe’s financial crisis such as joint debt sharing, saying Germany can’t save the world economy alone and fellow Group of 20 countries must help.

Merkel, in a speech to parliament in Berlin today, said the debt crisis and Germany’s role in stemming it will be the “central topic” at next week’s G-20 summit in Mexico. While Germany will use its strength “in the service of European unity,” the euro and the global economy, Merkel said she opposes “seemingly easy” solutions that risk backfiring.

Monti Rebuff

As the crisis threatens to engulf Italy, Merkel’s speech also amounted to a rebuff of fellow European Union leaders including French President Francois Hollande and Italian Prime Minister Mario Monti, both of whom are calling for Germany to underwrite joint euro-area debt.

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