EU aid fund to protect euro from attacks, Merkel says (2)

08:35, May 11, 2010      

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Merkel called on EU countries to act together to fight back "broad attacks" against the euro.

The chancellor also stressed that eurozone members should enforce strict austerity plans to "attack the problem at its roots". As Europe's leading economy, Germany would introduce its own austerity programs to maintain its debt at an appropriate level, she said.

"We are protecting the money of people in Germany," Merkel said. Her ruling party Christian Democrats (CDU) and alliance Free Democrats (FDP) lost in a crucial election of Germany's most populous state, North Rhine-Westphalia on Sunday, partly because of her widely unpopular bailout package for the debt-laden Greece.

On Monday, the euro rallied strongly following the announcement of the EU rescue package. Jolted by the Greek fiscal crisis and soaring bond yields in Portugal and Spain, the euro last week plunged to its lowest level since March 2009.Source:Xinhua
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