Merkel Rejects Euro-Area Breakup, Presses Allies to Cut Debt
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German Chancellor Angela Merkel rejected a breakup of the euro area, saying the currency’s failure would threaten European unity and prosperity built up since World War II.
A return to national currencies by debt-strapped countries such as Greece and Spain, or a German return to the deutsche mark, isn’t a solution to the debt crisis that requires all European countries to commit to austerity, Merkel said in a speech in the eastern German city of Magdeburg today.