Skip to comments.Angela Merkel pleads for Germany to approve plans to increase European bail-out fund
Posted on 10/24/2011 2:20:03 PM PDT by bruinbirdman
Angela Merkel has appealed to German politicians to approve Europe's rescue efforts ahead of a crucial vote that could torpedo the Brussels summit.
The German Chancellor, who on Tuesday must secure the Bundestag's approval before European bail-out plans can proceed, briefed politicians on plans to increase the firepower of the European Finance Stability Facility (EFSF) from 440bn (£383bn) to more than 1 trillion.
She assured them that Germany would not have to stump up more cash because financial engineering would be used to boost the bail-out fund.
Even so, European leaders face a tense wait before the Brussels summit resumes to meet its self-imposed deadline to "decisively address" the euro crisis. Ms Merkel's chief spokesman, Steffen Seibert, told reporters in Berlin that "this is new territory" and the outcome uncertain.
The focus of the eurozone crisis has now shifted to Italy amid growing concerns about its 1.9 trillion debt pile. Silvio Berlusconi called an emergency cabinet meeting on Monday night following demands from European leaders that Italy agrees legislation for a fresh austerity package before the summit on Tuesday.
The Italian prime minister had to skip a scheduled court appearance in Milan where he is on trial for corruption to prepare for the meeting. He insisted that "no one has anything to fear" from Italy's debt. In a thinly disguised warned to France and Germany, he added: "No one is in a position to teach lessons to their partners."
After a choppy day, stockmarkets closed higher as traders bet that leaders would reach an agreement despite the remaining complexities. The Stoxx Europe 600 index closed up 1.3pc, Germany's DAX rose 1.4pc and France's CAC put on 1.5pc. In London the FTSE 100 climbed 1.1pc.
Eurozone countries are discussing two methods to boost the EFSF: a special-purpose fund
(Excerpt) Read more at telegraph.co.uk ...
It is in Germany’s best interest to not do this and let Greece sink on it’s own.
Angela is toast!
she will never be re-elected now.
Germans will NOT go for this, they are already ticked.
The alternative majority is more hardcore socialist EUrotopians.
No doubt about it.
The Greens (Bundis 90) and the SPD have been doing very well as of late. Even Die Linke, though their success is mostly confined to the Berlin/Brandenburg area.
I think there’s a good possibility that the next government could be a Green/SPD coalition.
She’s got a great argument for the Gernman workers:
Help Germany go into deep debt to bail out Greece.
That way you will have to work even harder while the socialists in Greece get full retirement at age 52.
I expected more of her.
The final chapter of the World War I/World War II Saga has not yet been written.
It appears that Germany will united and dominate Europe after all.
Take heart, Britain and America! At least it's not the Nazis. And it'll probably be better than the Japanese Empire or Red China.
The Italian prime minister had to skip a scheduled court appearance in Milan where he is on trial for corruption to prepare for the meeting. He insisted that “no one has anything to fear” from Italy’s debt. In a thinly disguised warned to France and Germany, he added: “No one is in a position to teach lessons to their partners.”
It’s not just Greece. The German people should also take note of the arrogance, greed and outright sense of entitlement of the Italian PM.
Is “financial engineering” much the same as “creative accounting” — in other words, “fraud”.
....smoke and mirrors.....
It's inflation. It's the printing of 2 trillion. Interesting no one will say it, though. I suppose, then, you could call it fraud.
Those irresponsible European politicians are almost as venal and dishonest as our own.
...said the heroin junkie, begging for money to “pay the rent”.
“Man, I got to ‘pay the rent’ so bad it hurts. It hurts bad. I just gotta get me some shelter...”
I think Britain comes out on top in the long run again. The tories are finally seeing through this shill and almost have enough votes to defy Cameron and hold a referendum on leaving the EU. They are quietly taking care of their own financial business through austerity and aren’t tied to France, Germany, Greece, and Italy.
Folks, keep an eye out for an attempt to “rate” and then EXPORT-sell this debt.
Another so called “instrument”
From another so called “facility”
By another so called “bank”
Packaged and rated “AAA” so called “engineered”
Basically an attempt to “relocate” write-downs by passing them onto the backs of those not in the political coils.
When this is over, Germany may have simply purchased some “colonies”, cheap!
Remember, Tories lead a coalition.
If all Tories vote for the referendum (and they won't), Labour and LibDems have enough to stop it.
The Germans have still not given citizenship to all those Gastarbeiter, and it wouldn't take much for the Germans to decide to make Germany Gasarbeiterrein.
This time around, the English are too feeble (and too politically correct, which is the same thing) to fight on the beaches, and in the air, etc.; so the Germans will merely move in, perhaps disguised as tourists, and take over.
The Welsh, Scots, and Cornish will probably build a wall to keep the English and their Muslim conquerors out when the Germans move in.
Clio--the Muse of History--is doubled over laughing. What a sense of humor!