France, Germany cross swords

As the euro hit a two-year low, leaders of the European Union met at a summit that saw Germany and France locked in fierce debates on existing austerity measures. New French President Francois Hollande stepped up his proposal for the launch of eurobonds, jointly pooled eurozone debt, which was rejected by German Chancellor Angela Merkel. But the French president said he wanted to see eurobonds in the EU’s agenda for the future. “We have no time to waste,” the freshly elected Socialist leader stressed at his first EU summit.

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