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Europe debt crisis: Germany denies 'elite' plan

Europe debt crisis solution would be joint-issued euro bonds. Germany denies reports that it has initial plans to solve Europe debt crisis with euro bonds issued by nations with triple A credit.

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German Finance Minister Wolfgang Schaeuble speaks during a federal budget debate in the Bundestag, the lower house of parliament, in Berlin, last week. As Europe debt crisis deepens, Die Welt reported that initial plans have been drawn up to issue euro bonds backed by 'elite' euro nations. The finance ministry denied the report.

Thomas Peter/Reuters

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Germany insisted Monday that it has no plans to float bonds together with the eurozone's five other triple A rated nations and use the proceeds to provide assistance to some of the single currency bloc's indebted members, such as Italy and Spain.

The Finance Ministry's denial came as the International Monetary Fund also dismissed reports it was planning a €600 billion bailout fund for Italy, and credit rating agency Moody's warned that the "rapid escalation" of Europe's financial crisis is threatening the credit worthiness of all eurozone governments, even the most highly rated. Only six of the eurozone's 17 countries have the top rating — Germany, France, Austria, the Netherlands, Luxembourg and Finland.

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