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Debt crisis: Angela Merkel and Francois Hollande pledge to back euro

by Bruno Waterfield, The Telegraph:

Angela Merkel and François Hollande pledged on Friday “to do everything to protect” the European Union’s single currency, papering over deep divisions between them over how to tackle the Spanish and Italian debt crisis.

he German chancellor and French president issued a joint statement following a crisis telephone call echoing Mario Draghi’s promise on Thursday that the European Central Bank would do whatever it took to save the euro.

“France and Germany are fundamentally tied to the integrity of the euro area,” they said in the statement.

“They are determined to do everything to protect it.

“Member states, like the European institutions, must fulfil their obligations to this end according to their prerogatives.”

Markets rose on Friday afternoon as the Franco-German signal was interpreted as giving a green light for ECB to resume buying Italian and Spanish bonds.

Read More @ Telegraph.co.uk

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