October 26, 2011
Chancellor Angela Merkel indicated Wednesday that private investors like banks should take a writedown of at least 50 percent on their Greek debt holdings and told German lawmakers the world is waiting to see whether Europe can get a grip on its debt crisis.
Merkel sought German lawmakers' support for her euro rescue efforts amid uncertainty over whether European leaders would be able to nail down a comprehensive plan to solve the continent's debt crisis at a high-stakes summit in Brussels later in the day.
"The world is watching Europe and Germany; it is watching whether we are ready and able, in the hour of Europe's most serious crisis since the end of World War II, to take responsibility," Merkel told parliament.
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