Germany calls for eurozone stability

Germany calls for eurozone stability
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Summary Germany called for more stability in the eurozone to deal with debt turbulence.

German Economy Minister Philipp Roesler on Friday called for more stability in the eurozone to deal with debt turbulence as Greece pledged to fully repay its bailout loans.Speaking during an investment visit to Athens, Roesler said Berlin wants to do everything to keep Greece in the eurozone.We need to come to more stability in the eurozone, so that we can send a clear signal that we are ready to fight for our common currency,Roesler told reporters on the sideline of talks between Greek and German businessmen.We agreed there are two main causes for the crisis: a lack of competitiveness and the high debt, said the minister, who is also Germanys vice-chancellor.Roeslers visit is part of an agreement between Athens and Berlin in March to cooperate on renewable energy development.At a later press conference, he said Berlin would support Athens by founding an investment bank for business projects.In August, Greek and German officials discussed a plan to develop some 20,000 hectares of solar power parks in a bid to export renewable energy to Germany.Germany is also the main contributor to a 110-billion-euro ($147-billion) EU-IMF rescue that staved off a Greek bankruptcy in May last year.German Chancellor Angela Merkel has repeatedly urged the Greek government to overhaul its ailing economy by removing obstacles to competitiveness.Athens has undertaken an unprecedented reform drive accompanied by sweeping pay and pension cuts that have sparked successive general strikes.Many Greeks argue that the austerity measures, closely monitored by EU and International Monetary Fund experts, have plunged the country into recession.We are very impressed by the Greek governments commitment to reform, said Roesler, who recently panicked markets by saying that Europe could no longer rule out an orderly default by Greece on its huge debt.Greek Finance Minister Evangelos Venizelos told the same news conference that Athens intended to repay its loans in full.

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