Merkel and Monti pledge to protect Euro

July 29, 2012 17:36

German Chancellor Angela Merkel and Italian Prime Minister Mario Monti will do everything to protect the euro zone and swiftly implement measures agreed by European leaders in June, their governments said in a joint-statement on Sunday.

European leaders have gone on the offensive in recent days, underlining their commitment to tackling the euro zone's crippling debt problems and seeking to restore calm after a week in which Spanish bond yields hit euro-era highs and Greece raised concern it would be unable to honor its bailout conditions and could exit the euro.

The deal was widely seen as a political victory for embattled Monti and his Spanish counterpart, Mariano Rajoy, over Merkel, who had initially brushed aside any need for such emergency.

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