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Süddeutsche Zeitung - Germany | Wednesday, June 6, 2012

Making sacrifices for euro bonds

In the discussion about solutions to the banking crisis in Spain the country's Prime Minister Mariano Rajoy for the first time spoke out in favour of introducing euro bonds on Tuesday in Madrid. But for this project to go ahead France and Germany would have to sacrifice their most precious treasures, the left-liberal daily Süddeutsche Zeitung explains: "Without stronger unity and democratisation in Europe … there should be no euro bonds for financing sovereign debt. Why should the Germans be liable for the debts of other states if they can't have a say in the fiscal, economic and structural policies of those states? To put it rather drastically: If the French have a 35-hour working week, retire at 60 and appoint tens of thousands of new civil servants, should the Germans have to pay for the resulting deficits? Neither the German constitutional court nor the German voters will go along with this. … If the euro and the unprecedented project of a united Europe are to be saved, its two strongest states must sacrifice their most precious assets: Germany its money and France its sovereignty."

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