Merkel cedes ground in pact on debt rules

Written by Simon Tilford, 21 October 2010

"Germany has had to acknowledge political reality: There was no chance of getting what they wanted past France, Italy or Spain," says Simon Tilford, chief economist at the Centre for European Reform, a non-partisan think-tank in London.

Link to press quote:
http://online.wsj.com/article/SB10001424052702303339504575566424176856294.html