A prominent German business leader has called on Chancellor Angela Merkel to withdraw from the euro and join with Austria, Finland, and the Netherlands — the Eurozone countries with the strongest economies — in a new currency union. He believes that the move would help the struggling southern members of the EU by allowing them to devalue their currency relative to the new northern currency, and thus improve the market for their exports. Germany’s exports would be hurt, but the decrease in the inflation rate would make up for it.
Meanwhile, in Chechnya a suicide bomber exploded before he could be apprehended by the police, killing himself, seven policemen, and an emergency worker.
In other news, the Italian oil giant ENI has signed a new deal with the transitional government in Libya, permitting the company to return to Libya and reactivate its oil and natural gas production facilities.
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