Germany has acknowledged for the first time that it may have to rescue eurozone states in acute difficulties, marking a radical shift in policy by the anchor nation of Europe’s monetary union.
By Ambrose Evans-Pritchard the Telegraph
Last Updated: 7:18PM GMT 17 Feb 2009
Finance minister Peer Steinbruck said it would be intolerable to let fellow EMU members fall victim to the global financial crisis. “We have a number of countries in the eurozone that are clearly getting into trouble on their payments,” he said. “Ireland is in a very difficult situation.
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