Merkel refuses idea of ECB being lender of last resort

Friday, 18 November 2011 04:10

German Chancellor Merkel is still adamantly opposed to the idea of  the European Central Bank becoming the lender of last tesort to bail out the beleaguered, debt ridden peripheral nation.

As President Barack Obama urged more proper action to avert global turmoil, Merkel rejected French calls to deploy the ECB a crisis backstops.

Merkel will be meeting with UK Prime Minister Cameron today and we would expect to see some tension with the two countries holding different views on the crisis.

With all of the negative attention in the Eurozone, it is somewhat surprising to see the Euro holding us as well as it has over past few weeks.