Skip to comments.Euro bail-out in doubt as "hysteria" sweeps Germany
Posted on 08/28/2011 4:34:40 PM PDT by tobyhill
Mrs Merkel has cancelled a high-profile trip to Russia on September 7, the crucial day when the package goes to the Bundestag and the country's constitutional court rules on the legality of the EU's bail-out machinery.
If the court rules that the 440bn rescue fund (EFSF) breaches Treaty law or undermines German fiscal sovereignty, it risks setting off an instant brushfire across monetary union.
The seething discontent in Germany over Europe's debt crisis has spread to all the key institutions of the state. "Hysteria is sweeping Germany " said Klaus Regling, the EFSF's director.
German media reported that the latest tally of votes in the Bundestag shows that 23 members from Mrs Merkel's own coalition plan to vote against the package, including twelve of the 44 members of Bavaria's Social Christians (CSU). This may force the Chancellor to rely on opposition votes, risking a government collapse.
(Excerpt) Read more at telegraph.co.uk ...
hysteria in Germany
That can’t be good...
Just like we can’t afford to bail ourselves out, Germany can’t even come close to bailing out all of Europe but that’s what’s become expected of them.
German Tea Party?.........
Is “hysteria” a British word for “common sense”.
Merkel Says Markets Wont Blackmail Euro Leaders Into Sovereign Rescuesmy favorite blog
German Chancellor Angela Merkel said investors are trying to blackmail governments into helping debt-strapped European countries, underscoring the need for all euro-area governments to reduce debt.Perhaps not, Angela, but you will bail out Europe all the same.
europe is in a panic. that was clear all last week.
They got word that Germany wasn’t going to bail them out.
Maybe the “Bier Partei”
Germany should start asking for territory in exchange for cash.
unhnh. Germany will bail them out or the union is finished.
The real hysteria is the irrational obsession of the european elite with maintaining monetary union among all existing eurozone states forever despite the fact it obviously isn’t working.
I think the courts are going to rule their proposed European bailout unconstitutional.
I think the EU is about toast.
I once felt all that kind of anger, which a man ought to feel, against the mean principles that are held by the Tories: a noted one, who kept a tavern at Amboy, was standing at his door, with as pretty a child in his hand, about eight or nine years old, as I ever saw, and after speaking his mind as freely as he thought was prudent, finished with this unfatherly expression, “Well! give me peace in my day.” Not a man lives on the continent but fully believes that a separation must some time or other finally take place, and a generous parent should have said, “If there must be trouble, let it be in my day, that my child may have peace;” and this single reflection, well applied, is sufficient to awaken every man to duty.
Eurobonds will be issued.
I guess they’ll have to sell it to the Chinese like we do.
No kidding, Sherlock Holmes.
“Germany should start demanding territory in exchange for cash”
Based upon a thousand years of history they will surely consider themselves fortunate if their neighbors don’t also demand German territory in addition to their wealth.
Territory, as it always has, will be apportioned by force of will and dint of arms. The Germans have had the will and technological capability throughout history and will again when it comes to the day. The Belgians and others? Not so much.
I remain a European skeptic. Not because I don’t believe in monetary union. I don’t believe the people of Europe even yet understand or have the will to fight for liberty.
You can always take one with you.
Somehow these people have an inherent inability to do mathematics.
You can not bail out Socialism .
well, that's another matter...probably; and then too we'll be swapping bonds and making things look better that way.
Just can't see EU breaking up before Germany and France are shaken down. I guess that doesn't bode well for the everyday people of those countries.
I believe this is what the chick from the IMF was euphemistically outlining in her speech: the mandatory recapitalization of european banks.
It has already begun. The industry in Europe laid off 40,000 people in July/August alone, in what Bloomberg called a "bloodbath" and "fundamental restructuring of banking." That fundamental restructuring is the implementation of punitive Basel III capital reserve requirements -- at the worst possible time. I wish I could be more optimistic but that sort of activity is (based on my observation) very bearish for the economy. This sort of wild cost cutting is also symptomatic of panic behavior, just as it was on Wall Street in 2008.
Finally, the DAX acted awfully all last week, when other markets fared relatively well. There was no publicized, immediately obvious reason, so the market was telegraphing some very bad impending news.
No, but you can puncture everyone else's boats.
Bureaucratic overlords in Europe and the USA don’t like the tea party and twist facts to fit their agenda. There is no truth - only spin. Ignore the media. They lie.
Maybe Obama will bail them out.
To the socialist EU crowd, any popular rebellion disallowing what they want to do, is named “dangerous” (domestic terrorism in the US) or “hysteria.”
No doubt it has occurred to an increasing number of Germans that they get no benefit whatsoever from being part of the EU. All they get is the opportunity to bail out weaker states.
no doubt. so what?
The CDU already suggested that last year when the Greek issue first erupted.
The nice Germans in the CDU reckoned that Germans need a vacation resort, the Greeks need money, so why not sell some unused Greek islands to the Germans?
The Greeks went ape.
DEFUND socialist collectives everywhere.
Yeah. The last time Germany got massively tee’d off, a demogogue came around... and, well, we all know the rest.
The looters (alias the EU elites) want to defer the inevitable collapse as long as possible, so that they can loot just a little bit more. The German populace is starting to see that they are being looted, and don't like it one bit.