EUROZONE DEBT WOES

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STORY: EUROZONE DEBT WOESDATELINE: Aug. 19, 2011LENGTH: 0:02:07LOCATION: BerlinINTROThe extensive plans for closer eurozone integration, proposed by German and French leaders earlier this week appeared to have failed to quell market jitters. Apart from the reaction from the markets, many European leading officials have dismissed the two leaders' agreement as no capable salvage for Europe's debt woes. Economists have also offered different views, as World News reports. PKGMore disappointment than market confidence followed the meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel. The two leaders, while meeting on Tuesday, agreed to establish a common economic government in the eurozone under the presidency of EU President. The new body will incorporate the "golden rule" -- a fiscal guideline limiting budget ratio to national output -- into constitution or national law, and will impose tax on financial transaction.But many European officials say the agreem Powered by www.newslook.com Producer : Xinhua News Agency

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