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Germany takes eurobonds off Merkel-Sarkozy summit agenda

(Xinhua)

08:54, August 16, 2011

BERLIN, Aug. 15 (Xinhua) -- German Chancellor Angela Merkel and French President Nicolas Sarkozy will not discuss eurobonds during their summit on Tuesday, a German government spokesperson said on Monday.

"Eurobonds will play no role in the talks," Steffen Seibert told a news conference, saying the German government does not consider it as "the right way" to solve the eurozone crisis.

"You are awaiting a rolling of the drums and the brightening up of the skies over Europe," Seibert said. "There won't be such a rolling of the drums at tomorrow's meeting," he added.

The French government had also issued a similar statement on Sunday denying that eurobonds would be on the agenda for Tuesday's meeting.

The introduction of eurobonds that are collectively backed by all eurozone nations has been touted a way to alleviate the burden of countries mired in the sovereign debt crisis.

However, Germany insists such a move would exacerbate its own borrowing costs and hamper ailing countries from carrying out much-needed reforms.

Tuesday's summit will focus on tracking the progress made by eurozone leaders since a summit to save the euro on July 21 in Brussels "and methods to achieve better governance," according to Seibert.

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