BREAKING NEWS

Germany rejects EU draft conclusions on ESM, debt

By REUTERS

DECEMBER 8, 2011 23:28

BRUSSELS - Germany rejected some measures in draft conclusions from a summit of EU heads on Thursday, including giving the European Stability Mechanism (ESM) a banking license and issuing common euro zone debt, a senior German source said.

The conclusions seen by Reuters earlier said the permanent ESM rescue fund would get a banking license and run alongside the EFSF, bolstering its ability to tackle the euro zone debt crisis.

"We are rejecting this in negotiations," the source said, speaking on condition of anonymity.

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