Merkel downplays bailout money to buy bonds

Following the conclusion of the G20 meeting, German Chancellor Angela Merkel said she will support the Spanish government bailout formal request that will take place on Thursday. She insisted that all euro zone members must do their homework and meet their targets.

Regarding the possibility of using EFSF/ESM to purchase sovereign bonds of distressed members, German Chancellor Angela Merkel said there were no concrete plans. While it is "one of the options" of the bailout funds, according to a vague but incendiary headline, "there are no concrete plans" to do so, Merkel told reporters.