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Ms Merkel has upped her rhetoric on the future of the eurozone (Photo: s_zeimke)

Euro is facing 'existential crisis,' Merkel says

German Chancellor Angela Merkel on Wednesday (19 May) called for tougher sanctions on deficit laggards and clear procedures for state insolvency if bail-outs do not work, as she defended her country's contribution to the €750 billion rescue package in what she called an "existential test" for the euro.

"We need a comprehensive reform of the stability and growth pact, with tougher rules of the game aiming to achieve one thing in particular: that member states bear the responsibility for ...

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Ms Merkel has upped her rhetoric on the future of the eurozone (Photo: s_zeimke)

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