Mr Rehn talked down the idea of European states issuing joint bonds, saying that austerity and closer co-operation were needed.

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These joint bonds would not require intrusive federal fiscal oversight.

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Rather than issuing new national government bonds, everybody, from Germany (debt: 81% of GDP) to Italy (120%) would issue only these joint bonds until their national debts fell to the 60% threshold.

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Venezuela and Bolivia to sell joint bonds.

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And he claimed that the joint issuance of bonds in the eurozone would soon be seen as a "natural" development.

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The Germans, ever fearful that they may be asked to pick up the bill for the profligacy of others, are already squashing any talk of issuing joint euro-area bonds to relieve some of the pressure on national governments.

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Their joint effort to build lasting bonds of friendship between Arabs and Jews is one that will benefit virtually everyone on the planet as the world anxiously watches every headline from the Middle East.

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One is greater fiscal integration, including a joint fiscal authority, the issuing of common bonds, and the ability to make fiscal transfers to regions hit disproportionately hard by recession.

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Rather than attempt to pay the last of these bonds off, FDR got Congress to pass House Joint Resolution (HJR 192) in April of 1933.

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