Angela Merkel knows she is making the situation in Europe worse, and yet…FT:
She acknowledged her stance had scared financial markets, which have punished Irish, Greek and Portuguese debt for two weeks. It was unfair for European taxpayers to finance rescues of debt-laden countries on their own, she said at the Group of 20 summit in Seoul,
“Let me put it quite simply: in this regard there may be a contradiction between the interests of the financial world and the interests of the political world,” Ms Merkel said. “We cannot keep constantly explaining to our voters and our citizens why the taxpayer should bear the cost of certain risks and not those people who have earned a lot of money from taking those risks.”
Meanwhile, the Irish Times reports that talks have been establised, at least on some level, between Ireland, Berline, and Brussells regarding the possibility of an eventual bailout.
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