Euro zone leaders may adopt new budget rules, instead of amending the European Union treaties - amendments could take over three years to complete. The leaders of Germany favor treaty amendments, while French leaders prefer the new rules. French government spokesman Valerie Pecresse said, “Germany, France, and Italy want to be the motor of a Europe that is much more integrated, much more solid and with regulatory mechanisms that are virtuous, that don’t allow a cheater, so that there is no one who can exempt themselves from the rules that are set.” Meanwhile, the IMF is preparing a $794 billion bailout package for Italy.
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