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"The government has made clear that the European debt crisis can't be solved in one fell swoop overnight"
- Angela Merkel, German Chancellor
German Chancellor Angela Merkel said in a speech to parliament Friday that European sovereign debt crisis cannot be solved in one step and once again rejected joint euro bonds idea, urging instead a tighter fiscal union.
"The government has made clear that the European debt crisis can't be solved in one fell swoop overnight. There is no miracle solution. There is no easy, rapid solution," Merkel told parliament. "Resolving the sovereign debt crisis is a process and this process will take years."
Merkel also said European member countries should agree on new tougher guidelines. "There is no way around changing the European treaties, or as a second-best option agreeing new treaties. We are going to Brussels with the target of pushing through treaty changes. That is with the spirit of wanting to avoid a division of euro countries and non-euro member states."