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 ...
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.
Ser gute!........
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.
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