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Germany's Merkel: No quick fix for debt crisis

Germany's Merkel: No quick fix for debt crisis (by William L. Watts)

FRANKFURT (MarketWatch) -- Chancellor Angela Merkel told Germany's parliament Wednesday that there is no quick fix for the euro-zone's debt crisis and that the introduction of euro bonds at this stage would be "economically wrong," news reports said. "Joint liability can only happen when sufficient controls are in place," Merkel said, according to Reuters. Merkel is set to meet with French President Francois Hollande in Paris later Wednesday as European leaders prepare for a two-day Brussels summit that begins Thursday. Merkel is resisting pressure from Hollande and other European leaders to facilitate a move toward mutualizing euro-zone debt in an effort to bring down borrowing costs for countries such as Italy and Spain.