ON Thursday Germany and France wanted to persuade sceptical EU partners to support new rules on state spending. This is done to avoid a new government debt crisis in Europe.

In Brussels German Chancellor Angela Merkel and French President Nicolas Sarkozy arrived at a two-day EU summit in quest of a stable crisis resolution mechanism. And this would force private creditors to bear some of the cost of bailing out a highly-indebted country.

They also called for stripping EU voting rights from repeat over spenders which is a radical measure and some officials say that it would not pass. Merkel supposed those who were insisting to break sound finances rules features the prospect they may be beaten their voting rights. She said that if a nation makes threats the euro as a whole (it) disconcerts the basic values of the EU.

The German leader restated her call for a mechanism intended for future eurozone debt crises and included banks and funds that primarily gain from high interest rates. It means that the taxpayer no longer bears the entire responsibility.