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Merkel warns against euro plunge
German Chancellor Angela Merkel has warned against the devaluation of euro against other currencies, saying it is threatening the whole European Union project. The warning came after the EU's single currency sank to a 14-month low of 1.26 dollars over concerns about sky-high deficits of eurozone nations like Greece, Portugal and Spain. "If the euro fails, it's not only the currency that fails but much more, it's Europe that fails and with it the idea of the European Union," AFP quoted Merkel as saying. She, however, said that "we must keep that promise" to assure the euro's stability. Merkel also criticized the EU for what she said was the lack of common "economic and political union" among its members. "We have a common currency but we don't have economic and political union," she said. The EU on Sunday approved a 750 billion euro rescue package to prop up European economies struggling with large debts. Posted by: Fred 2010-05-14 |
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