Germany agrees to rescue EUR

[breizh]

http://www.spiegel.de/international/germany/0,1518,789074,00.html

The Hausfrau got here najority, without rely on opposition support. Which would have triggered elections in Germany.

You will see the queues at caisses in BNP/SocGen/CA/BPop/Cd'E reduce. The Dwarf gets the French banks bailed out without paying a sou.

Some interesting political speak though. The fund will be leveraged into a TARP of around EUR2 trillion (strong suggestion: buy french bank shares[:D], they need the bail-out most).

However, this merely papers over obvious fault lines between EU and national sovereignty issues. Presumeably there will be a new Eurozone treaty, ceding national tax and spending to the EU at some point. I'm sure the French will cede that to Bruxelles. Not! So, the faultlines remain. And where does this leave the non-Eurozone countries, Poland, Sweden, Danmark, UK. Between them, they have some serious economic clout. Relative to all Eurozone countries they are all strong, solvent, liquid................I say relative, despite what the UK media studies graduates keep telling you.

[breizh]

Also noticed that Germany will nave a "say" in EFSF decisions. Is that effectively saying that the bail-outs will be controlled by Germany. Not sure The Dwarf will have seen that one coming, if he did then it's just a sop to the Bundestag, with no real teeth. If it is a veto, all hell will break loose in l'Elysee!

[Frederick]

[quote user="breizh"]

Also noticed that Germany will nave a "say" in EFSF decisions. Is that effectively saying that the bail-outs will be controlled by Germany. Not sure The Dwarf will have seen that one coming, if he did then it's just a sop to the Bundestag, with no real teeth. If it is a veto, all hell will break loose in l'Elysee!

[/quote]

" He who pays the piper calls the tune "