Weak Sale of Bonds Tests Germany’s Stature in Crisis |
| New York Times - Nov 23, 2011 |
Germany’s stature as an island of stability amid the financial chaos of the euro zone was challenged Wednesday after an auction of government bonds met slack demand, suggesting that investors are beginning to question whether there are any havens left in Europe.
Analysts cautioned against reading too much into a single bond issue — one of nine this year that has failed to sell out, according to the German Finance Ministry. But the dismal sale results helped push down stocks worldwide and contributed to the atmosphere of fear that prevails in Europe: that the crisis is getting ahead of the political will to solve it.
In the first steps toward the closer political and financial integration that many have come to believe is essential for the survival of the euro, the European Commission proposed Wednesday that countries surrender more power over their national finances to the European authorities, giving Brussels the right to request a rewrite of spending plans that seem too profligate.
Read Full Article from New York Times
- Posted: 2011-11-23 15:52:42
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