German Chancellor Angela Merkel defends austerity in face of open rebellion in Europe

In a rare concession, the German Chancellor admitted that austerity alone would not solve the crisis but she insisted that the wave of political opposition to fiscal discipline was wrong.

“We’re not saying that saving solves all problems,” Ms Merkel said at a conference in Berlin. “[But] you can’t spend more than you take in. You can’t live your whole life this way. Everybody knows this.”

European markets regained some of their losses from Monday’s rout after the Netherlands and Spain held successful bond auctions. Spain’s Ibex rose 2.24pc, Italy’s MIB was up 2.48pc, the French CAC jumped 2.29pc and the DAX climbed 1.03pc. In London the FTSE 100 rose 0.78pc.

Mark Rutte, the deposed Dutch prime minister, made a passionate plea to politicians to stick to his proposed budget cuts. “The problems are serious, the economy is stalling, employment is under pressure and government debt is growing faster than the Netherlands can afford,” he said. “Those are the facts and nobody can run away from them. I’m standing here without pretences, it is up to parliament and the voters.”

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About OyiaBrown

Please send me, as a comment to this page, any old material you have for inclusion in The Daily Joke Alert - to help enable us all to have our fancy tickled regularly! Never mind the state it's in as I tidy everything up prior to publication. Don't let good material go to waste - and so much does. In the interests of the environment we should always try to re-cycle everything, especially jokes. You know that makes sense! You may find some historical stuff here, but this does not really matter as humor is fairly timeless.

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