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FT.com / Brussels - Irish contagion hits wider eurozone
Angela Merkel, the German chancellor, dug in her heels against the turbulent bond market, saying she would not abandon her drive for the cost of any future Greek-style bail-out to be borne more heavily by private investors.
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.”
Angela Merkel, the German chancellor, dug in her heels against the turbulent bond market, saying she would not abandon her drive for the cost of any future Greek-style bail-out to be borne more heavily by private investors.
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.”