Merkel, Hollande, vow to protect the euro

July 28, 2012 at 9:51 AM
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PARIS, July 28 (UPI) -- Leaders of France and Germany echoed European Central Bank President Mario Draghi, claiming they would use everything in their power to protect the euro.

"Germany and France are deeply committed to the integrity of the eurozone. They are committed to do everything to protect the eurozone," said President Francois Hollande and Chancellor Angela Merkel in a joint statement issued after a phone conference, Radio France International reported Saturday.

The statement closely resembled that of European Central Bank President Mario Draghi, who said in a speech Thursday that the bank would do "whatever it takes to preserve the euro," a statement that sent stocks higher in Europe, Asia and the United States.

It was a down, then up week for stocks. Until Draghi's comment circumnavigated the globe, headlines concentrated on yields on Spanish government debt, which rose above 7.5 percent briefly on Monday, a level many economists believe is unsustainable.

Spain also made headlines at the end of the week. Friday, The Los Angeles Times reported, the government said the unemployment rate had reached a modern record of 24.6 percent.

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