By James G. Neuger and Helene Fouquet – French President Francois Hollande put French endorsement of a German-inspired deficit-control treaty on hold, and Italy and Spain withheld approval of a 120 billion-euro ($149 billion) growth-boosting package unless Germany authorizes steps to calm their bond markets.
By provoking an open breach with German Chancellor Angela Merkel, the new French leader overturned the austerity-first consensus that has dominated the debt-crisis response and risked fracturing the Berlin-Paris alliance that built the European Union and euro. more> http://tinyurl.com/6lpxfgb
- Merkel rebuffs pleas for debt action on summit eve (theneteconomy.wordpress.com)
- Debt crisis: Germany caves in over bond buying, bank aid after Italy and Spain … – Telegraph.co.uk (telegraph.co.uk)
- EU Leaders Ease Debt-Crisis Rules on Spain – Businessweek (businessweek.com)