Skip to comments.Germany says renegotiating EU pact “not possible”
Posted on 05/07/2012 4:35:06 PM PDT by Olog-hai
The German government on Monday ruled out reworking the European Union's fiscal pact despite calls to do so by French president-elect François Hollande.
"It is not possible to renegotiate the fiscal pact," government spokesman Steffen Seibert told a regular news conference.
He noted that 25 of the 27 EU member states had already signed the accord imposing strict budgetary discipline in March after major wrangling.
Hollande has called for a shift in strategy toward more growth-oriented measures including more public spending.
But Seibert said Merkel would not accept "deficit spending" to feed economic expansion, and believed in "growth through structural reforms" such as reducing the cost of job creation as pursued by Germany over the last decade.
Yet he dismissed suggestions that the apparently conflicting policies would put Merkel on a collision course with Germany's closest ally, insisting she was ready for an open dialogue.
(Excerpt) Read more at ca.news.yahoo.com ...
ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them by the Managing Director pursuant to this paragraph, such demand to be paid within seven days of receipt.Uh-huh, and who are you kidding, really . . . ? That's extortion and loansharking. (No free money either, just like all the so-called "bailouts".)
Wow. Those Europeans sure like to be above the law, don't they. Would any US citizen allow the USA to be bound by such a treaty? No, I didn't think so.
- The ESM, its property, funding and assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that the ESM expressly waives its immunity for the purpose of any proceedings or by the terms of any contract, including the documentation of the funding instruments.
- The property, funding and assets of the ESM shall, wherever located and by whomsoever held, be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action.
“strategy toward more growth-oriented measures including more public spending”
Blatant agenda there from AFP.
The European Commissions top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.The only thing to ask is how deep will the euro fathers allow crisis mode to play out before they save the fiscal union . . .
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a beneficial crisis. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government.
Angela Merkel flies to Paris to meet Mr. Hollande. She clears customs at Charles de Gualle airport.
“Nationallity?”, she is asked.
“German.” she replies.
“Occupation?”, is the next question.
“No, I will only stay for a few days.”
This statement is the core value of the current German mindset. Merkel will not give an inch on this one. She has an electorate clearly tired of economic growth frittered away by the Mediterraneans.
This is pretty much what was predicted about EU.
It could get nasty trying to figure who owns what part of all those Euros out there.
The Frogs probably figure its just a fair part of their reparations to leach off Germany.
The EU collapsing is going to lead to another world war it was created to prevent in the first place.
All because the officials in brussels were too greedy for the political power the EU promised them...
What would you expect in what is essentially a bankruptcy? The Germans should just have given the money away?
“All because the officials in brussels were too greedy for the political power the EU promised them...”
Yes, they should have left things at the European Common Market stage.
Read the terms of the fiscal compact before asking that. Those are designed to go way beyond, and may not even involve, helping to fix anyone’s economy. And only totalitarian governments would put anyone or any institution above the law, granting immunity from the judicial process.
The EU was never a peace project. Taking over national governments is not a recipe for peace, nor is uniting their armed forces under one command. And of course you have the central government whose design is just like that of the USSR . . .
Just curious, because the EU looks a whole lot like a mini UN.
Lot's of unelected bureaucrats and appointed diplomats issue edicts and regulations,it's very expensive to operate, and is essentially a self-declared political entity of uncertain power and funding streams.
No one should underestimate the commitment of ‘Europes elites’ to the vision of ‘One Europe’ as ‘challenger to the United States’.
they want to keep Europe on course until its peoples have yielded up their sovereignty and agreed to submerge themselves in a single entity .... In the capitals and corporate headquarters of the continent, these elites are, almost to a man and woman, devout Europeans.
...”If the nations of Europe would surrender their sovereignty,... let their identities be diluted through immigration and open borders,..... and submerge themselves in a larger and more inclusive Europe,.... their peoples would be rewarded with an unparalleled prosperity. .....Surrender your souls, and we will make you rich, secure and happy, said the eurocrats to the peoples of Europe.”
Tribalism, radicalism and socialism are the growth stocks of the new Europe.
(I think Pat Buchanan said this...I forgot where I got it from. But sounds about right to me just the same.)
If France’s socialists fail to pay the debt owed, then the money our Federal Reserve sent over there to shore up their debt will go in default and the American people will have to cover the Fed’s bad paper by “forcing” the Fed to print even more money...
Somebodies already keeping track...somewhere...
The best German blood soaked into the ground in places like Stalingrad.What’s left now is incapable of strong action.
The fact that our Federal Reserve had the power to send that money over there without our permission in the first place is more disgusting than the outcome of not getting paid back.