German FM: Euro nations must reduce deficits
BRUSSELS – Germany's finance minister says the 16 nations that use the euro must battle their currency's slide by swiftly reducing theirbudget deficits and setting up an emergency bailout fund.
Wolfgang Schaeuble said Friday that reducing deficits, the yearly budget gap between government income and spending, was the only way out of the crisis.
The fund initially calmed markets but has failed to reassure them that European governments can reduce swelling debt levels.
http://news.yahoo.com/s/ap/20100517/ap_on_bi_ge/eu_europe_financial_crisis
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