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New York Times: Germany Backs Down From Confrontation With E.C.B. Over Greece
Germany backed away Friday from a confrontation with the European Central Bank over a new bailout package for Greece, agreeing under pressure from France not to force private investors to shoulder some of the burden.
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"This should be worked out jointly with the E.C.B.," she added. "There shouldn't be any dispute with the E.C.B. on this."

"This is a breakthrough," Mr. Sarkozy said, referring to the softening of the German position.

Taking a page from The Onion, this is truly precedented.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Fri Jun 17th, 2011 at 09:06:12 AM EST
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