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Germany has no "inexhaustible" financial resources: spokesman

(Xinhua)

16:12, November 29, 2011

BERLIN, Nov. 28 (Xinhua) -- Germany declined on Monday repeated calls for more financial support to resolve the eurozone debt crisis, saying it does not have "inexhaustible financial resources. "

"Germany stands firmly behind the partners of European Union and has already contributed enormously by tapping own resources. However, we also have our own debt to handle with," said Steffen Seibert, Chancellor Angela Merkel's spokesman, at a regular government news conference.

"Despite we are trekking on a good journey toward that direction, but we don't have inexhaustible financial resources with a limited depth in our pocket," the spokesman stressed.

Germany has managed to withstand mounting pressures from all sides calling on it to increase shares to the eurozone rescue fund or agree to pooling debt within the eurozone.

It also turned against empowering the European Central Bank ( ECB) to intervene in the bond markets to curtail financing costs by many eurozone member countries, a solution widely tipped to be effective to wade through the current eurozone crisis.

The really effective solution to the eurozone debt crisis ought to be solely-attentive to curtailing the debt heaps, reducing the budgetary expenditure and boosting the competitiveness of their economies, said Seibert.

German Chancellor Angela Merkel is scheduled to give a keynote speech on Germany's position on the crisis in the Bundestag, the German parliament on Friday, shortly before the European Union leaders meet in Brussels on December 8 and 9.

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