While the reason for this market pullback is being blamed on the comment from German Chancellor Merkel that she was against increasing the size of the ESM, I want to remind everyone that she said this on Friday too at the EU summit. BN news at 8:55am FRIDAY: “Germany opposes adding to the firepower of the Europe’s permanent rescue fund, Chancellor Angela Merkel said. “I’ve made my position quite clear that it won’t be topped up,” Merkel told reporters in Brussels today after the EU summit. While it’s always right to negotiate, “we can only move towards our goal when we tackle the root causes of the crisis” thru budget limits and the fiscal compact, she said.
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