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Merkel backs euro bond-buying plan
German Chancellor Angela Merkel and Greek Prime Minister George Papandreou in consultation: Some say the debt crises ravaging Greece and other countries could destroy the 27-nation European Union.
German Chancellor Angela Merkel and Greek Prime Minister George Papandreou in consultation: Some say the debt crises ravaging Greece and other countries could destroy the 27-nation European Union.
Sean Gallup/Getty Images
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erman Chancellor Angela Merkel on Friday publicly backed the European Central Bank's recently announced plan to buy bonds directly from debt-saddled countries. As the head of Europe's largest economy, Merkel's endorsement is seen as crucial to the success of the plan, which aims to finally break a vicious cycle that has kept the euro currency on the brink of collapse for years. However, the plan is unpopular in Germany, and Merkel could pay a high political cost for backing the ECB.

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