Germany Won't Join U.S. Program; Merkel Slams Past Reticence

Germany won't join the U.S. bank- rescue program, Finance Minister Peer Steinbrueck said, after Chancellor Angela Merkel noted that German proposals to bolster market transparency might have mitigated the need for such measures.

The U.S. program is ``very important to regain the stability and above all trust in financial markets,'' Steinbrueck told reporters in Berlin today. ``Yet the U.S. situation is not comparable to Germany's. Germany won't adopt a comparable program. Germany's banking system, based on the three-pillar model, is stable. None of the other six G-7 members will adopt a similar program to the U.S.''

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