Germany remains against any collectivisation of eurozone governments' debt and the creation of common euro bonds is impossible while countries run separate economic policy, Finance Minister Wolfgang Schaeuble has said.
Pressure is growing on eurozone leaders to take a more radical approach to the eurozone's debt crisis ahead of a potentially vital meeting of German Chancellor Angela Merkel and French President Nicolas Sarkozy next week. Italian Economy Minister Giulio Tremonti renewed his call for a collective eurozone bond on Saturday. "It still stands: there will be no collectivisation of debt and there will be no unlimited support," Schaeuble was quoted as telling Der Spiegel magazine in an interview to be published on Sunday.
"There are certain support mechanisms that we are developing further - with strict conditions." "The member states that need our solidarity must reduce their deficits and reform their economies - with at times very tough measures," he said. Der Spiegel said Schaeuble also ruled out the issuance of eurobonds unless certain hurdles are removed.