Merkel, Sarkozy Propose Tighter Budget Rules in EU Overhaul
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French President Nicolas Sarkozy and German Chancellor Angela Merkel proposed amending European treaties to tighten rules on deficit spending and water down provisions demanding investor losses.
In a joint letter to European Union President Herman Van Rompuy, the French and German leaders said they want a decision at an EU summit starting tomorrow so that the measures can be ready by March 2012.