Merkel Looks To Bolster Confidence

Europe is ready to stabilize the euro zone, says German Chancellor Angela Merkel. Now that it looks like Spain may be in dire need of help from the EU to bolster its banks, Merkel is attempting to inject some calm into the situation. “It is important to stress again that we have created the instruments for support in the euro zone and that Germany is ready to use these instruments whenever it may prove necessary,” she said. Spain’s credit rating dropped three notches on Thursday.