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Merkel Rejects Joint Liability After EU Summit Decisions on Euro

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July 5 (Bloomberg) -- Chancellor Angela Merkel maintained her opposition to shared debt in the euro area, saying Germany didn’t expand its rescue commitments at last week’s European Union summit.

“This isn’t about taking on any additional liabilities,” Merkel told reporters in Berlin today. “Liability for banks is banned under the current rules, just like liability for states. The decisions in Brussels haven’t changed anything in that respect.”

Faced with pressure from Italy and Spain to help reduce those countries’ borrowing costs, Merkel said Germany “made absolutely no commitment beyond what is agreed so far” under European treaties.

“First and foremost, the issue is banking oversight” because past stress tests for European banks “didn’t really detect the problems,” she said. “This is urgently needed. We need independent supervision.”

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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