Wednesday, August 31, 2011

Euro bailout funds in jeopardy

Merkel backs euro fund boost, faces revolt risk

German Chancellor Angela Merkel's cabinet approved new powers for the euro zone's bailout fund on Wednesday, but she faces an uphill battle to convince party sceptics to back efforts to contain the crisis. Concerned that Germany's parliament has little control over the European Financial Stability Facility (EFSF), some members of Merkel's centre-right coalition are threatening to oppose boosting its powers when the Bundestag (lower house) votes on September 29. (How long can this farce play out?)

Posted by alan @ 09:29 PM (548 views)
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