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Erasing debt: No solution for Germany (Photo: Images Money)

Germany backs pooling of debt, no joint liability

The idea of a debt redemption fund for eurozone countries is not completely unpalatable to the German government, provided each state remains liable for its own debt, a German finance ministry official said on Friday (5 October).

"We had the idea of the debt redemption fund before the wise men group," Thomas Westphal, director for European policy in the German finance ministry told a conference in Berlin organised by the centre-right European People's Party.

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