ST Alpha - "german finance minister on the us's suggestion to boost the efsf to $2 trillion: "a stupid idea"" (Reading a Post)

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german finance minister on the us's suggestion to boost the efsf to $2 trillion: "a stupid idea"

Posted by x (aka dmuck) Sep 28 '11, 05:31

"German finance minister Wolfgang Schauble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its â�¬440bn lending limit by deploying leverage to up to â�¬2 trillion, perhaps by raising funds from the European Central Bank.

"I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.

Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is "scaring the world".

"It's always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government," he said."

hey, someone agrees with me about tim geithner (is.gd)

Responses:

Print more money -- nm - budice Sep 28, 05:33 1
- good luck selling a european common bank on that one....nm - x Sep 28, 05:37
good for the Germans -- nm - Beaker Sep 28, 05:33

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german finance minister on the us's suggestion to boost the efsf to $2 trillion: "a stupid idea"

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