Merkel: euro faces "existential test"

18:01, May 19, 2010      

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German Chancellor Angela Merkel said on Wednesday that euro is facing an "existential test" and if euro fails the whole Europe will fail.

Merkel said that in a parliament debate on the Berlin's share in the 750-billion-euro (932-billion-dollar) eurozone rescue plan.

She said, euro is facing "biggest test" in decades and "it is about no more and no less than the preservation of the European idea. That is our historic task; if the euro fails, then Europe fails."

Merkel also urged EU member states to accelerate their budget consolidation.

"All EU nations have to speed up their budget consolidation," she said.

Germany's lower house of parliament (the Bundestag) was meeting to consider the 750-billion-euro rescue plan, in which Germany has to contribute at least 123 billion euros. The Bundestag is expected to vote on Friday.

Source: Xinhua


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