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Page last updated at 07:10 GMT, Friday, 15 June 2012 08:10 UK

Eurobond would 'stop abuse of Germany'

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Germany's deputy finance minister has ruled out "eurobond-lite" plans to pool part of the eurozone countries' debt.

Paul Mortimer Lee of BNP Paribas said Spain is facing a real problem which is "contaminating" Italy. Spain are "heading in the direction" of a second bailout, he believes.

Speaking to the Today programme he said that Germany sees the crisis as an opportunity to "complete the incomplete" by adding a fiscal and political dimension to the eurozone.

A fiscal union would give safeguards that will "stop people abusing Germany", he told Evan Davis


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