03 Dec '11, 2pm

All euro zone states need to set up a special national fund for debt, says German Finance Minister

BERLIN - Every country in the euro zone needs to set up a special national fund for sovereign debt that is more than 60 per cent of gross domestic product, Germany's Finance Minister told a newspaper. Wolfgang Schaeuble, detailing a proposal he will make at a European Union summit on December 9, told the Passauer Neue Presse that a total of 500 billion euros (S$860 billion) would need to go into the German fund. "We need a redemption fund in every single country of the euro zone," he told the newspaper in comments released on Saturday. Tax revenues should be used to support the funds, Schaeuble said, adding that Germany would not need to raise taxes to implement the plan. "Around 500 billion euros needs to be stored in the fund. This affects federal, state and municipal debt," he said. German Chancellor Angela Merkel believes Schaeuble's proposal could help restore confide...

Full article: http://www.todayonline.com/World/EDC111203-0000106/Debt-f...

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