Sunday, May 23, 2010

EU Backs Stiffer Deficit Sanctions, Rules Out Default Mechanism

http://www.bloomberg.com/apps/news?pid=20601087&sid=aMUKfcpOm7zg&pos=1

European Union finance ministers pledged to stiffen sanctions on high-deficit countries and ruled out setting up a mechanism to manage state defaults, saying no euro country will be allowed to renege on its debts.

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