Merkel, Sarkozy to speak on euro crisis

August 5, 2011 - 3:30 AM

BERLIN (AP) — German Chancellor Angela Merkel will hold a telephone conference with French President Nicolas Sarkozy as stock markets around the world continue to slide on a combination of worries over the U.S. economy and Europe's debt crisis.

Merkel's office confirmed that a call with Sarkozy was planned for later Friday, a spokesman for Merkel said.

He did not give his name, in keeping with government policy.

Germany's ARD broadcaster reported Friday the conference was also to include Spain's Prime Minister Jose Luis Rodriguez Zapatero.

Global stocks are facing renewed selling pressure Friday, while the yield on ten-year Spanish and Italian bonds are ratcheting higher, up toward the 7 percent level that markets think are unsustainable.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BERLIN (AP) — German Chancellor Angela Merkel will hold a telephone conference with French President Nicolas Sarkozy as stock markets around the world on a combination of worries over the U.S. economy and Europe's debt crisis.

Merkel's office confirmed that a call with Sarkozy was planned for later Friday, a spokesman for Merkel said.

He did not give his name, in keeping with government policy.

Germany's ARD broadcaster reported Friday the conference was also to include Spain's Prime Minister Jose Luis Rodriguez Zapatero.

Global stocks are facing renewed selling pressure Friday, while the yield on ten-year Spanish and Italian bonds are ratcheting higher, up toward the 7 percent level that markets think are unsustainable.