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German Chancellor Angela Merkel has led the push for austerity in Europe. But she is looking increasingly isolated after European elections that brought anti-austerity parties to power.
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Germany's president, a key ally of Chancellor Angela Merkel, steps down amid a brewing scandal surrounding his past financial dealings.
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"Twenty-two years ago China was a basket case — a very poor developing country. So I really feel quite proud."
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But, Merkel added, "we are determined" to make the common currency and related institutions work. She didn't elaborate on how that will happen.
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German Chancellor Angela Merkel and French president Nicolas Sarkozy now agree that European treaties will have to be altered to give institutions the firepower to deal with the euro crisis, but many differences remain — and time is running out.
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Time is running out for European leaders to find a way out of their debt crisis and salvage the euro as the single currency for 17 nations. As they prepare for a European Union summit next week, French President Nicolas Sarkozy and German Chancellor Angela Merkel have presented their plans to their respective countries.
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Speaking ahead of a European Union summit, French President Nicolas Sarkozy said the Eurozone needs a more political rule.