European Rating Agency

German Chancellor says that the problem is not in them, but in debt. For Merkel, the common mission of the eurozone is reducing debt and improving the competitiveness of the region. It continues to reject the restructuring of Greek debt because it would imply negative ctos. German Chancellor Angela Merkel, spoke out Sunday in favour of the creation of a European rating agency, although he admitted that the real problem, above criticism, is not in the action of the rating, but in debt. Input, the problem are debts and not them, said Merkel, speaking to German public television ARD, then pour that in sensitive moments, they exacerbate the situation. The German Chancellor spoke out in favour of the creation of a European rating agency, as proposed by the President of the European Commission (EC), Jose Manuel Durao Barroso, among others.

Merkel also guaranteed that, despite the crisis, savings Germans are insured and he expressed his confidence in a solution to the Greek debt crisis at the upcoming summit of eurozone leaders. What I said then remains valid and there is nothing to add, said Merkel, in relation to its promise of 2008, reopen the crisis of the euro, that the savings of the Germans were insured. The euro is part of the European identity, added the Chancellor, the common responsibility of the involved States therefore reduce debt and improve the competitiveness of the region. Merkel reaffirmed the importance of the euro for the good performance of the German economy (we need the euro, he said), and stressed the need that each of the countries concerned carry out precise reforms. The Chancellor was optimistic about the expectations of success at the Summit of the eurozone from next Thursday, in which the leaders of the 17 countries of the Group addressed the Greek rescue. Portugal is opposed to the Portuguese President, Cavaco Silva, has become the Portuguese political leader who has more harshly criticized the functioning of risk rating, especially from the recent cuts of Moody s to the Portuguese economy (the last of them this Friday, with the lowering of the note of seven financial institutions). Rejection of the restructuring of debt has ratified, also its rejection of a restructuring of Greek debt because, he said, that involve negative ctos, among others that other countries not working more to solve their own problems.

The rejection of the restructuring of the debt is shared both by the European Central Bank (ECB) and by the German (Bundesbank). The President of the ECB, Jean-Claude Trichet, urged this on eurozone leaders to fulfill their responsibility for the rescue of Greece and reminded them that the event of total or partial non-payment, they must resort to acceptable mechanisms for the common monetary system. Governments are responsible for in the matter, says Trichet, in remarks published Monday by Financial Times Deutschland. His German counterpart of the Bundesbank, Jens Weidmann, also warned this Sunday, from the Sunday Bild am Sonntag, both against a debt restructuring and Eurobonds. Source of the news: Merkel supports the creation of a European rating agency

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