Reuters
October 23, 2011
French President Nicolas Sarkozy backed down on Sunday in the face of implacable German opposition to demands to use unlimited European Central Bank funds to fight the euro zone's deepening sovereign debt crisis.
European Union leaders wrangled for hours over procedure and made little apparent progress in forging a strategy to overcome the crisis despite pressure from international partners and financial markets for decisive action.
Sarkozy acknowledged that France's proposal to multiply the firepower of the euro zone's rescue fund by turning it into a bank and letting it borrow from the ECB was doomed for now because neither Germany nor the central bank would agree to it.
"No solution is viable if it doesn't have the support of all the European institutions," the French leader told a joint news conference with German Chancellor Angela Merkel.
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