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German Foreign Minister: The Euro Is Stable

Global solidarity is a key to overcoming the sovereign debt crisis
German Federal Minister for Foreign Affairs Guido Westerwelle in Hong Kong on August 31, 2012. (Nick Mak/Asia Society Hong Kong Center)
by Wendy Tang
31 August 2012

HONG KONG, August 31, 2012 — Following the 150-strong German delegation led by German Chancellor Angela Merkel to Beijing, German Federal Minister for Foreign Affairs Guido Westerwelle made a stopover at the Asia Society Hong Kong Center to discuss the European sovereign debt crisis and its impact on Asia.

Westerwelle said what is happening in Europe is not a "euro crisis," but a debt crisis in the euro zone. "It is a crisis of confidence," explained Westerwelle. "Short-term liquidity cannot be a solution." To resolve this crisis of confidence, he stressed the need for solidarity not only in Germany and in the European Union, but also for global solidarity.

"It is not a coincidence that I have chosen Hong Kong as the site for this speech. Hong Kong's success in dealing with globalization's challenges and opportunities over the past 15 years provides an inspiration for Europe today," said Westerwelle.

The text of the German foreign minister's speech is available at the website of the Federal Foreign Office of Germany. The German foreign minister's visit to Asia Society Hong Kong Center and his public address in Hong Kong were reported on by CNN, CNC World and Xinhua News Agency.

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