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Merkel Says Downgrades Show Europe Must Redouble Efforts

Chancellor Angela Merkel said euro-area downgrades by Standard & Poor’s reinforce Germany’s stance that European leaders must redouble their efforts to resolve the debt crisis as governments prepare to sell more debt this week.

“The decision confirms my conviction that we have a long way ahead of us before investor confidence returns,” Merkel told reporters yesterday in Kiel. Resolving the crisis is a “longer process” that will take more than a few months, Merkel said in comments broadcast today by Deutschlandfunk radio.