Banks and Germany rule out quick eurozone resolution

18 October 2011

Central banks have seemingly ruled out any possibility of a resolution being found to the eurozone debt crisis in the coming days, it has emerged.

Head of the French central institution Christian Noyer stated yesterday (17 October) that the European Central Bank (ECB) will not increase its bond-buying strategy as a way of providing protection and assistance to vulnerable member states, Bloomberg reports.

Meanwhile, it was also revealed that Germany describes any prospect of implementing a plan to solve the problems by the end of the week as a "dream" that is entirely unrealistic.

Yesterday, G20 finance ministers imposed a deadline of 23 October for a credible proposal to be drawn up by involved parties as this is when a summit between senior officials will take place.

However, this now seems highly unlikely due to the stance of the continent's largest economic power and central banks.

Carl Weinberg of High Frequency Economics told the news source: "We have a lot of egos, a lot of national interests, a lot of political considerations - and that's just hampering us from getting to a solution."

By Asim Shah

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