Germany insists no eurobonds to solve debt crisis
The Associated Press
French President Francois Hollande, left, takes his seat next to German Chancellor Angela Merkel during the opening session of the North Atlantic Council meeting at the NATO summit in Chicago, Sunday, May 20, 2012.
At Saturday's G-8 summit, German Chancellor Angela Merkel — under urging from U.S. President Barack Obama and French President Francois Hollande — signed up to a statement that called for mixing painful cutbacks with growth-promoting measures to deal with a crisis that threatens the global economy.
The leaders warned that budget deficits have to come down. But they also acknowledged that an approach that's based mostly on austerity and longer-term reforms can't help countries out of recessions this year or next.
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