German Chancellor Angela Merkel has shot back at critics of German-backed austerity in Europe, saying they are missing the point of her argument. "I call it balancing the budget," she said. "Everyone else is using this term austerity. That makes it sound like something truly evil." German Foreign Minister Guido Westerwelle says returning to the old practice of issuing more debt would "cement mass unemployment over a period of many years".

Full Story:
Reuters, Bloomberg

Related Summaries