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Merkel Says Joint Euro Bonds Unthinkable as EU Faces Marathon

German Chancellor Angela Merkel likened solving Europe’s debt crisis to a marathon, shunning investor calls for quick action while pushing for stricter budget enforcement and overhauling the region’s governance.

(BLOOMBERG) Berlin - Addressing lawmakers in Berlin today before a Dec. 9 summit of European leaders, Merkel rejected joint euro-area bonds or trying to make the European Central Bank the lender of last resort as quick fixes. The ECB's role is different from that of the Federal Reserve or the Bank of England, she said.

"Marathon runners often say that a marathon gets especially tough and strenuous after about 35 kilometers (22 miles)," Merkel told the lower house of parliament in a speech previewing the European Union summit. "But they also say you can last the whole course if you're aware of the magnitude of the task from the start."

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Geopolitics

Gabon And Niger Coups, A Wake-Up Call To Confront Kleptocracy In Africa

After a series of coups in West Africa, what will happen to the corrupt systems set up by past rulers — will they endure, or could reform be ahead?

Gabonese President Ali Bongo Ondimba behind a glass box.

Gabonese President Ali Bongo Ondimba visits Hubei Provincial Museum in Wuhan, central China's Hubei Province.

Xinhua via ZUMA
Pierre Haski
-Analysis-
PARIS — In a video captured more than 10 years ago, Cameroonian President Paul Biya can be seen surrounded by other heads of state, complaining to his peers about the so-called "ill-gotten gains" investigation in France.
He accused his opponents and the media of being behind the investigation, which stemmed from complaints that the president had embezzled public funds. He brushed off the allegations as a mere nuisance, if not the work of conspiracy theorists.

The "ill-gotten gains" case originated from a complaint filed in 2007 by non-governmental organizations in France against several African heads of state, regarding real estate properties in Paris allegedly purchased with embezzled funds.

This scene gains new significance in light of the recent coup that toppled President Ali Bongo of Gabon. The Bongo family is central to this extensive investigation launched in France into the origin of the funds that allowed several ruling families in central Africa to acquire real estate holdings in Paris.

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