Merkel’s ‘no easy solution’ sparks market backlash

EUROPEAN markets were down yesterday as Germany said that a G20 ultimatum for a concrete solution to the eurozone debt crisis to be in place by early next week was unrealistic.

Last weekend’s G20 finance ministers’ meeting in Paris broke with a united call for a real plan to be agreed at next weekend’s EU summit.

But in response to this German Chancellor Angela Merkel said yesterday that European leaders won’t provide a catch-all solution next week. A spokesperson for Ms Merkel was quoted as saying: “Dreams that are taking hold that, with this package, everything will be solved and everything will be over on Monday, won’t be able to be fulfilled. The search for an end to the crisis surely extends well into next year.”