EUROZONE

Merkel Still Rejects Euro Action

As Europe bigwigs meet on the debt crisis.

German Chancellor Merkel hasn't changed her position: She opposes the European Central Bank shoring up debt-ridden countries, instead pushing for them to pass greater austerity measures. She affirmed her rejection of action on the Euro at a conference with Italy’s new prime minister, Mario Monti, there for the first time, and French President Nicolas Sarkozy. Germany’s status as a rock of stability amid the eurozone crisis started to show some cracks yesterday, when a third of the bonds the country put up for sale found no buyers. Germany had tried to raise 6 billion euros in an auction of 10-year bonds, but it was able to sell only 3.9 billion euros worth. The unexpected shortfall may weaken Germany’s bargaining position in the EU, as calls for action mount.