Singapore - The euro is a stable currency although high debt levels in some eurozone countries have evoked uncertainty about it, German Chancellor Angela Merkel said Thursday.
'I tell you very clearly: We don't have a euro problem in Europe,' she said at a forum in Singapore. 'Rather we have a debt problem to overcome.'
The euro is 'a stable currency, particularly if you look at it vis-a-vis the dollar,' said the German leader, who was on the last day of a two-day visit in Singapore.
Merkel, who addressed the forum through an interpreter, said the doubts in financial markets whether some euro countries could service their debts were not based solely on the level of the debts.
The markets doubted the competitiveness and the growth prospects of some debt-ridden countries in the eurozone, she said.
Without mentioning specific countries, Merkel said it was in the joint interest of the European Union 'that the weaknesses of some individual countries are effectively and consequently tackled.'
Her remarks came as a troika of the European Union, the European Central Bank and the International Monetary Fund were trying to come up with a new rescue package for Greece, which is on the brink of insolvency.
Source: http://www.monstersandcritics.com
'I tell you very clearly: We don't have a euro problem in Europe,' she said at a forum in Singapore. 'Rather we have a debt problem to overcome.'
The euro is 'a stable currency, particularly if you look at it vis-a-vis the dollar,' said the German leader, who was on the last day of a two-day visit in Singapore.
Merkel, who addressed the forum through an interpreter, said the doubts in financial markets whether some euro countries could service their debts were not based solely on the level of the debts.
The markets doubted the competitiveness and the growth prospects of some debt-ridden countries in the eurozone, she said.
Without mentioning specific countries, Merkel said it was in the joint interest of the European Union 'that the weaknesses of some individual countries are effectively and consequently tackled.'
Her remarks came as a troika of the European Union, the European Central Bank and the International Monetary Fund were trying to come up with a new rescue package for Greece, which is on the brink of insolvency.
Source: http://www.monstersandcritics.com
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