France and Germany clash at key EU summit

[FarCenter]

"We have to act straight away for growth... otherwise there will still be doubt on the markets," new French President Francois Hollande insisted amid deepening worries over Greece's eurozone future and Spain's troubled banks. "We have no time to waste," the freshly-elected Socialist leader stressed on arrival for his first EU summit after a cost-conscious train ride from Paris.

...

But she rejected a call by Hollande for eurobonds -- jointly pooled eurozone debt -- which the French leader considers a potential solution to the crisis. "I believe that they are not a contribution to stimulating growth in the eurozone," Merkel said, adding that such instruments were expressly forbidden by the EU's own treaties.

...

Non-euro Britain was also shaping as a force to be reckoned with, blocking other core ideas put forward by European Union officials and backed by Hollande -- including a tax on financial transactions. London vehemently rejects the tax, home as it is to three quarters of Europe's financial services industry.

http://www.france24.com/en/20120523-france-germany-euro-bonds-eu-summit-eurozone-greece-debt-crisis-economy

Now you know who's really getting bailed out.

[pampango]

1. There would have been no clash if Sarkozy had won the French election.

Good on Hollande for clashing with Merkel.