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Wednesday, November 16, 2011

War Of Words As Euro's Fate Hangs In Balance - 16th Nov 2011

Heated words are being exchanged between world governments as further signs emerge that the euro might not survive its debt crisis.

David Cameron has called for the EU's rule book to be rewritten - and has previously promised to take back powers from Brussels.

But the British PM's stance has drawn a hostile reaction ahead of his visit to Germany this week.

Volker Kauder, the leader of German Chancellor Angela Merkel's political party, said Britain needs to stop "defending its own interests" and do more to help solve the crisis.

He also re-emphasised Germany's support for a financial transactions tax, which the British Government sees as an attack on the City of London.

Meanwhile, on a visit to Australia, US President Barack Obama said he was "deeply concerned" by events in the eurozone - with the problem being one of political will rather than a technical issue.

The bickering highlights growing frustrations outside the euro area that no solution to the debt crisis has been found.

There is a feeling among experts that Germany must put its financial might behind rescuing the single currency if the project is to be salvageable.

The markets have shifted their attention this week to countries at the heart of the euro, such as France. Read More